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Microeconomics Unit 2 Assessment

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Question;Question 1Explain what causes economies of scale. Can economies of scale and diminishing marginalreturns apply to the same firm? Explain.Question 2Explain how a demand curve can be derived using utility theory.Question 3Explain why demand is more elastic in the long run than in the short run.Your response should be at least 75 words in length. You are required to use at least yourtextbook as source material for your response. All sources used, including the textbook, must bereferenced, paraphrased and quoted material must have accompanying citations.Question 4Suppose you attend a meeting at work to discuss whether to change the price of your product.You think demand is elastic, but a colleague thinks it is inelastic. Does it matter whether demandis elastic or not? Explain. Is it possible that you are both right? Explain.Your response should be at least 75 words in length. You are required to use at least yourtextbook as source material for your response. All sources used, including the textbook, must bereferenced, paraphrased and quoted material must have accompanying citations.Question 5In a meeting about whether to store inventory in a company-owned warehouse or rent awarehouse, a colleague says, "We should use our own warehouse and save the cost of rentingone." Do you agree or disagree? Explain.Your response should be at least 75 words in length. You are required to use at least yourtextbook as source material for your response. All sources used, including the textbook, must bereferenced, paraphrased and quoted material must have accompanying citations.

 

Paper#55866 | Written in 18-Jul-2015

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