For OTA 103139 only #56 Firm Strategies

see attached

4720-micro

Category: Economics > Microeconomics Subject: Production and Cost in the Short Run Details: 1) At a management luncheon, two managers were overheard arguing about the following statement,"a manager should never hire another worker if the new person causes diminishing returns". Is this statement Correct? If so why? If not explain why not? In detail. 2) Explain why it would cost Pete Sampras or Venus Williams more to leave the pro tennis tour and open a tennis shop than it would cost a coach of a tennis team to do so.

4721-econ

Category: Economics > Microeconomics Subject: Production and Cost in the Short Run Details: 1) At a management luncheon, two managers were overheard arguing about the following statement,"a manager should never hire another worker if the new person causes diminishing returns". Is this statement Correct? If so why? If not explain why not? In detail. 2) Explain why it would cost Pete Sampras or Venus Williams more to leave the pro tennis tour and open a tennis shop than it would cost a coach of a tennis team to do so.

47222-econ

Category: Economics > Microeconomics Subject: Production and Cost in the Short Run Details: 1) At a management luncheon, two managers were overheard arguing about the following statement,"a manager should never hire another worker if the new person causes diminishing returns". Is this statement Correct? If so why? If not explain why not? In detail. 2) Explain why it would cost Pete Sampras or Venus Williams more to leave the pro tennis tour and open a tennis shop than it would cost a coach of a tennis team to do so.

Profits in competitive firms

In a short-run situation in which quantity demanded equals quantity supplied in a competitive industry, with price greater than the average cost of the typical firm, A) total profits across the market are negative and some firms will be forced to leave. B) The profit of the typical firm must nonetheless be zero so that firms neither enter nor leave the market. C) total profits across the market are positive and some new firms will be attracted to the market. D) one firm will grow to dominate the market and set both price and quantity. E) none of the above