How long is the long run?
In the long run, all inputs are variable. This is a different period of time for different firms. For electric power utilities, the long run is likely to be more than 10 years, given the long time it takes to build a generating plant. For a roadside seller of apples, the long run may be very short, as it takes little time to increase the size of the apple cart.
Economics
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Refer to Figure 7.2. The marginal product of the second worker is ________ lawns moved.
A) 3 B) 5 C) 8 D) 11.
Economics
The above figure shows the demand and supply curves in the market for milk. Currently the market is in equilibrium
If the government establishes a $2 per gallon price ceiling to ensure that children are nourished, estimate the change in p, Q, and social welfare.
Economics