Study the table below and answer the questions that follo Output units Total costs Average costs
(TC)
(ATC)
0
10
1
20
20
2.
28
3
34
11.3
4
38
9.5
5
42
8.4
6
48
8
7
56
8
8
72
9
2.1
2.2
Identify the value of the fixed costs.
Give an example of a fixed cost.
Briefly describe the term marginal cost.
Explain the intersection point of ATC and MC using in
2.3
2.4
2.5
Differentiate between the short run and long run.
QUESTION 3
3.1
3.2
Name TWO products with an inelastic demand.
What is the significance of price elasticity of demand to
Distinguish between normal and inferior goods.
3.3
4​

Suppose a firm faces a fixed price of output, 푝푝= 1200. the firm hires workers from a union at a daily wage, 푤푤, to produce output according to the production function 푞푞= 2퐸퐸12. there are 225 workers in the union. any union worker who does not work for this firm is guaranteed to find nonunion employment at a wage of $96 per day. a.what is the firm’s labor demand function? b.if the firm is allowed to choose 푤푤, but then the union decides how many workers to provide (up to 225) at that wage, what wage will the firm set? how many workers will the union provide? what is the firm’s output and profit? what is the total income of the 225 union workers? c.now suppose that the union sets the wage, but the firm decides how many workers to hire at that wage (up to 225). what wage will the union set to maximize the total income of all 225 workers? how many workers will the firm hire? what is the firm’s output and profit? what is the total income of the 225 union workers? [hint: to maximize total income of union, take the first order condition with respect to w and set equal to 0.]

Which of the following is not a characteristic of enterprise applications that cause challenges in implementation? a. they introduce "switching costs," making the firm dependent on the vendor. b. they cause integration difficulties as every vendor uses different data and processes. c. they are complex and time consuming to implement. d. they support "best practices" for each business process and function. e. they require sweeping changes to business processes to work with the software.

Anita has been named ceo of a popular sports apparel company. as ceo, she is tasked with setting the firm's corporate strategy. which of the following decisions is anita most likely to makea) whether to pursue a differentiation or cost leadership strategy b) which customer segments to target c) how to achieve the highest levels of customer satisfaction d) what range of products the firm should offer