Week Two Homework
Question Description
I’m working on a economics question and need guidance to help me learn.
Answer any two questions from chapter 6, any two questions from chapter 7 and any two questions from chapter 8.
Chapter 6:
1. What are total, average and marginal product?
2. What is the law of diminishing returns? Provide an example.
Chapter 7:
1. Why managers should differentiate historical costs from replacement costs?
2. Why managers should be aware of implicit and explicit costs?
Chapter 8:
7. How much profit monopoly firms make in the short run and long run?
8. Can a monopoly make a loss in the short run and long run?
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