1-Explain the difference between the price effect and the output effect when a new firm enters a market. 2-Lola is the owner of a bakery that earns 0 (zero) economic profit. Last year, her total revenue was $165,000, her rent was $10,000, her labor costs were $85,000, and her overhead expenses were $11,000. What were […]
Tag Archives: Marginal Product
What happened in the markets that prevented this normal mechanism from working?
Topic: Marginal Product and Resources We can identify from this reading that as more quantity is produced, inputs used can be purchased in larger quantities – known often as economies of scale. Why was this not the case during 2020 to 2022? What happened in the markets that prevented this normal mechanism from working? There […]
Why does an organization stop hiring workers? Make sure you explain the concept of diminishing return.
Math/Physic/Economic/Statistic Problems Write a 250 – 300 word recommendation about Daniel’s financial information and give him recommendations about some important decisions he will need to make regarding his business and personal life.As your work on your recommendations for Daniel, assume that his business is in a perfectly competitive market. Daniel has recently hired two temporary […]
