Other Economics Answers

In a perfect market structure, if a given firm faces average variable cost (AVC);

AVC = 1/3Q²- 9/2Q² + 20

A. Determine the level of output at the minimum level AVC

B. what is the minimum price the firm willing to supply?

c. What is the loss of the firm at the minimum price level if the total fixed cost is 50birr?

D. If the price level is 3.5birr does the firm shut down the business or continue production?

Assume a wheat producing farmer engaging in selling its product under perfect competition market faces cost functions as TC= Q3 -2Q2 +8Q and Average revenue of the farmer is given as Birr 8. Having this information, A. Determine the optimal level of output and price in the short run. B. Calculate the economic profit (loss) the farmer will obtain (incur) C. What will be the minimum price level the farmer gets to continue in wheat production?

what equity do you own? What debt do you owe? In each case what do your equity and debt finance? what do they cost you? How do they benefit you?

Which of the following is an External Economies of Scale? *

Marketing Economies

Improved infrastructure

Technical Economies

Overspecialization

Econ. Chp. 4 Vocab:

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23) total costs -

24) marginal costs -

Econ. Chp. 4 Vocab:

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21) overhead -

22) variable costs -

Econ. Chp. 4 Vocab:

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19) fixed costs -

20) depreciation -

Economics Chp. 4 Vocab:

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18) law of diminishing returns -

19) fixed costs -

Econ. Chp. 4 Vocab:

make visual notes, acronyms, symbols to help remember definitions

17) marginal product -

18) law of diminishing returns -