Define the production function, f(x), and the average product associated with it. How do you illustrate the average product in (x.y) space?

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A: Disclaimer: Since you have posted multiple questions, I am providing you with the answer to the…

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Q: When a firm in a competitive market produces 15 units of output, it has a marginal revenue of $8.00.…

A: In a competitive market there are many firms with free entry and exit so there are no barriers.

Q: At what price and quantity is the point-price elasticity of Q=70-.4P -1? Please show algebraically

A: Elasticity of demand measures the responsiveness of quantity demanded with respect to change in…

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A: PLEASE FIND THE ANSWER BELOW.

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A: One of the Main characteristics of perfectly competitive market is that

Q: 1. Consider the following demand and supply functions: Q- 1000 - 2P (Demand) Q --500 + 3P (Private…

A: Disclaimer: Since it is a multiple part question, I am providing the answer to the first three…

Q: 1. Using the consumer choice theory, explain how an individual decides what combinations of…

A: The answer is as follows:-

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Q: price of pizza decreases from $50 to $10 a

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A: The price elasticity of demand for food is inelastic because we take food as a necessity. If there…

Q: 1) Choose one product and identify its market structure among a perfectly competitive, monopoly,…

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

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Q: 16. The demand for good X is estimated to be Q, = 10, 000 – 4Px + 5Py+ 2M + Ax where Px is the price…

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Q: A 10 10 30 30 Food (unita) Sholtor (unita)

A: Production possibility curve is a frontier that consist of all the possible combinations of two…

Q: M7

A: Production means the goods and services are produced with the given inputs and technology. It means…

Q: Consider an economy divided into an agricultural sector (A) and an indus- trial sector (I). To…

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Q: 7. If the absolute value of the own price elasticity of steak is 0.4, a decrease in price will lead…

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Q: Given the function X=(4K)^1/3(L)^2/3 where both capital K and labor Lare functions of z. Solve dX/dz…

A:

Q: 9. Suppose Q " = 10,000 – 2 P, + 3 P, - 4.5M, where P, = $100, P, = $50, and M What is the own price…

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Q: 2) Refer to the attached Figure 18. What would likely cause an increase in market supply from…

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Q: Why does monopoly need to be regulated?

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Q: Suppose that marginal revenue for a perfectly competitive firm is $20. When the firm produces 10…

A: For a competitive firm given MR=20 implies that it has price =20.

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A: The yearly cost of owning, operating, and maintaining an asset over the course of its full life is…