Microeconomics
11th Edition
ISBN: 9781260507140
Author: David C. Colander
Publisher: McGraw Hill Education
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Question
Chapter 16.1, Problem 1Q
To determine
Meaning of the phrase “competition is for losers�.
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Why do economists measure profit differently from accountants?
Is it possible to avoid Diminishing Marginal Return? Why? Explain
How does profit motive affect innovation and economic productivity?
Chapter 16 Solutions
Microeconomics
Ch. 16.1 - Prob. 1QCh. 16.1 - Prob. 2QCh. 16.1 - Prob. 3QCh. 16.1 - Prob. 4QCh. 16.1 - Prob. 5QCh. 16.1 - Prob. 6QCh. 16.1 - Prob. 7QCh. 16.1 - Prob. 8QCh. 16.1 - Prob. 9QCh. 16.1 - Prob. 10Q
Ch. 16 - Prob. 1QECh. 16 - Prob. 2QECh. 16 - Prob. 3QECh. 16 - Prob. 4QECh. 16 - Prob. 5QECh. 16 - Prob. 6QECh. 16 - Prob. 7QECh. 16 - Prob. 8QECh. 16 - Prob. 9QECh. 16 - Prob. 10QECh. 16 - Prob. 11QECh. 16 - Prob. 12QECh. 16 - Prob. 1QAPCh. 16 - Prob. 2QAPCh. 16 - Prob. 3QAPCh. 16 - Prob. 4QAPCh. 16 - Prob. 5QAPCh. 16 - Prob. 6QAPCh. 16 - Prob. 1IPCh. 16 - Prob. 2IPCh. 16 - Prob. 3IPCh. 16 - Prob. 4IPCh. 16 - Prob. 5IPCh. 16 - Prob. 6IPCh. 16 - Prob. 7IPCh. 16 - Prob. 8IPCh. 16 - Prob. 9IPCh. 16 - Prob. 10IPCh. 16 - Prob. 11IP
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- What is the relevance and importance of managerial economics to students and accountants?arrow_forwardAccording to Coase's theory of the firm, why do firms exist? How do firms contribute to the efficiency of the market economy in ways that networks of independent contractors do not? How are the boundaries of the firm best established?arrow_forwardThe Principle of Diminishing Marginal Returns means what? the more a good is consumed, the lower the average benefit from consumption. the more of a good that is produced, the greater the benefit of the last good to the supplier. the less of a good that is produced, the greater the average productivity of inputs. The more of a good that is produced, the lower the productivity of the last input to production. the more of a good that is produced, the greater the marginal productivity of the last input.arrow_forward
- If the stock market in the United States is efficient, how do you explain the fact that some people make very high returns? Would it be more difficult to reconcile very high returns with efficient markets if the same people made extraordinary returns year after year?arrow_forwardBriefly explain the term incremental innovations. Which companies in terms of the size (small, medium, large size) have more economic incentives to produce these?arrow_forwardThe optimal level of production for any company is the level of production that either maximizes profits or minimizes losses. How does one determine the optimal level of production for any business?arrow_forward
- Is it true that lean management has a tendency to disregard certain factors of organizational efficiency? Assuming that's true, what are the potential negative consequences of these methods that might really undermine the efficiency of your company?arrow_forwardThe optimal level of production for any company is the level of production that either maximizes profits or minimizes losses. How does one determine the optimal level of production for any business? Explain.arrow_forwardWhat does rational choice in econ? What are some of the pros and cons of using this concept in economics? what is the law diminishing marginal returns ? why or how is this relevant for our discussion of firm behavior in the short runarrow_forward
- Q-How does profit motive affect innovation and economic productivity? (Pages 43 – 50). Profit Motive Leads to Innovation and Increased Productivity According to Bruno Leone (1986), “In order to build and maintain a profitable concern, a businessman’s products would have to be needed, well-made, and competitively priced . Moreover, he would be creating jobs and helping to expand the general economy” (18). Profit motive promotes efficiency and productivity in an economy. The investor is constantly seeking new ways to effectively and efficiently provide goods and services to consumer, because, Mises (1986) stated, “Profit and loss are entirely determined by the success or failure of the entrepreneur to adjust production to the demand of the consumers” (40). The behavior of the consumer makes profits and losses occur, and this can result in a change of ownership from those who are inefficient to the efficient ones. Webley (1967) stated, “The successful firms are those that respond to the…arrow_forwardWhat must an entrepreneur do to earn a profit? How do the actions of firms earning profits influence the value of resources?arrow_forwardThe table below shows...arrow_forward
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