What are some of the sources of cost savings for business start-ups in the U.S. economy such as Google, Intel, Starbucks, and Microsoft?
Please provide the best answer for the statement.
For firms like Google, Intel, and Starbucks, and Microsoft, the major source of cost savings is the ability to spread huge product development and advertising costs over a larger number of units of output. These firms also achieve economies of scale through increased specialization of labor, management, and equipment, thus decreasing their ATC allowing them to reach their respective MES.
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Steve sells hotdogs from a vending cart downtown. The table above shows his daily total revenues at four different prices. Between which two prices is the demand for hotdogs
a. elastic? b. unit elastic? c. inelastic?
A firm is concerned about the possibility of patent infringement and has hired an attorney to review patents. If the attorney is reviewing 100 patents and the marginal cost of reviewing the 100th patent is $30 and the expected marginal benefit of reviewing the 100th patent is $25, which of the following is true?
A) The firm's total cost of infringement will increase if the number of patents reviewed decreases. B) The firm's total cost of infringement will decrease if the number of patents reviewed decreases. C) The firm is minimizing the total cost of infringement. D) The firm's total cost of infringement will decrease if the number of patents reviewed increases.
Consensus becomes easier to achieve as the number of firms in a cartel grows
a. True b. False
Which of the following is a point made by economist Richard Easterlin (for whom the Easterlin Paradox is named) based on his research?
A) Rich people tend to be happier than poor people in the same country. B) People in richer countries tend to be no happier than people in poorer countries. C) People in richer countries tend to be much happier than people in poorer countries. D) People in poorer countries tend to be much happier than people in richer countries. E) a and b