Answer to Question #240920 in Economics for Kwanda

Question

1.1 Discuss the relationship between the three short-run total cost curves. Use a

diagram to motivate your answer.

1.2 Explain the three categories of returns to scale relating to the long-run average

cost curve. 

2.1 Illustrate and examine how the individual supply of labor curve demonstrates the

way an individual divides his/her time between work and leisure.

2.2 Distinguish between income elasticity of demand and cross price elasticity of

demand. Include in your answer a provision of their formula.

3.1 Explain the three possible profit maximizing positions of perfectly competitive

firms in the short-run.

3.2 Describe the nature of the goods produced by a monopolistically competitive

firm.

4.1 Distinguish between the short-run aggregate supply curve and the long-run

aggregate supply curve.

Process control and acceptance sampling are two types of quality control that

organizations utilize. In light of the above explain which type would be more

suitable for a manufacturing canned beverage

Answer 1

Dear Kwanda, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order