Principles of Microeconomics (12th Edition)
12th Edition
ISBN: 9780134081199
Author: CASE
Publisher: PEARSON
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Question
Chapter 8, Problem 1.5P
To determine
The fixed cost.
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Explain the difference between the short and long run
Explain the difference between the short and the long run in production
Which are the following are short-run and which are the long-run adjustment? Explain with the help of examples.
a) Wendy's built a new restaurant.
b) Harley Davidson corporation hires 200 more production workers.
c) A farmer increase the amount of fertilizer used on his corn crop.
d) An Alcoa aluminum plants add a third shift of workers.
Chapter 8 Solutions
Principles of Microeconomics (12th Edition)
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- Small Mom and Pop firms, like inner city grocery stores, sometimes exist even though they do not earn economic profits. How can you explain this?arrow_forwardIt is clear that businesses operate in the short run, but do they ever operate in the long run? Discuss.arrow_forwardWhat is a long-run average cost curve?arrow_forward
- Businesses operate in the short run, but do they ever operate in the long run? Explainarrow_forwardWhen examining the costs faced by a business, explain how economists distinguish between the short run and the long run. Why is it that Diminishing Marginal Product applies in the short run but not the long run?arrow_forward
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