***Each answer only needs to be 150-200 words***
1.What is marginal productivity? Compare it with average productivity. In a particular industry you are familiar with, compare its marginal productivity from average productivity. What would happen if a technological innovation is introduced in that industry’s production process? Please explain your answers.
2. Another important law in Economics is the law of Diminishing Marginal Productivity. Explain as to how this law affect you in your place of work.
3. How do you differentiate economics from accounting. Illustrate your differentiation.
4. How does technology affect the productivity and cost of the industry you currently work for or you are familiar with? How do the technical and economically efficient concepts shape the long-run average total-cost curve of this industry?
5. Show the relationship between the short run and the long run costs. Please give some real world applications of both concepts.
6. A wheat farmer is at a production level where MC=MR. Assume that half of the cost of producing wheat is the rental cost of the land and half is the cost of labor and machines. What would you advise the farmer if the average total cost producing the wheat is $12 and the price of wheat is $10?
7. On Perfect Competition or Competitive Market, or Perfectly Competitive Market, what are the necessary conditions for this type of a market structure to exist. Please give an example of this type of market structure.
8. In the long run with free entry and exit, is the price in a market equal to marginal cost, average total cost, none of each or could be both? Why do some perfectly competitive firms stay in business even when they make no profits? Please explain either or both.
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