Define the following terms - Average fixed cost

Question # 00659400 Posted By: dr.tony Updated on: 03/08/2018 10:18 AM Due on: 03/08/2018
Subject Economics Topic Microeconomics Tutorials:
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Question One:

Define the following terms

  1. Average fixed cost
  2. Average total cost
  3. Average variable cost
  4. Total Cost
  5. Total fixed cost
  6. Total variable cost

Question Two:

  1. Game theory
  2. Payoff matrix/table
  3. Nash equilibrium


Explain how these are useful in the world of business using a real world actual business.

Question Three

  1. Expected utility
  2. Expected value rule
  3. Explain when these rules are used in the business

Question Four

Describe a product or service you are familiar with that is a natural monopoly and explain why it is a natural monopoly. It is economically efficient to allow this monopoly to continue or is there a better solution for this product? Explain your answer.

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Tutorials for this Question
  1. Tutorial # 00658328 Posted By: dr.tony Posted on: 03/08/2018 10:19 AM
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    Define_the_following_terms_-_Average_fixed_cost.ZIP (18.96 KB)

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