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Posted: April 13th, 2023
Question 5 And 6
ECON 3310 – Microeconomics
Spring 2021 – David Quigley
Group Report 3 – Due Monday, April 19th
Write a minimum of 4 pages, double-spaced, answering the questions below. If you include
figures, those count towards the page minimum. Be as specific as possible and always include
explanations that describe your reasoning.
Suppose you’re writing a report for the CEO of a theme park entertainment company. The CEO
has the following questions she would like analyzed and answered as well as possible.
1. The company is considering production decisions in the short-run and the long-run. In
economics, what defines the short-run period from the long-run period? How do the
considerations and actions available in the short-run differ from those in the long-run?
How might these differences affect production decisions?
2. What are Returns to Scale in relation to the production function? How could you go
about evaluating the Returns to Scale for a particular production process? How could
you determine if it is Increasing Returns to Scale, Decreasing Returns to Scale, or
Constant Returns to Scale?
a. What is the Returns to Scale for the production function Q = 12L + 15K, and
explain how you determined it?
b. What is the Returns to Scale for the production function Q = 27L2K, and explain
how you determined it?
3. What is Marginal Revenue and how do you calculate it? Suppose the Price Elasticity of
Demand in the market for theme park entertainment is −1.34. If the CEO is interested in
increasing revenue, how should the company adjust the price it charges for entry into its
theme parks, and hence, the quantity of tickets sold? What is the relationship, in
general, between the Price Elasticity of Demand and Total Revenue?
4. What is the difference between Variable Costs and Fixed Costs? What goes into
calculating Total Costs?
a. If the Total Cost function is TC = 4Q3 – 33Q2 + 48Q + 2,600, what are the Variable
Cost function, Fixed Costs, Average Total Costs, and Average Variable Costs?
5. What is the Law of Diminishing Marginal Returns? What factors determine the Demand
for Labor? What is the relationship between the Law of Diminishing Marginal Returns
and the Demand for Labor in the short-run?
a. What factors shape the Supply of Labor? What causes the Supply of Labor to be
upward sloping?
6. How do the assumptions behind Perfect Competition affect the structure of the market?
What is the relationship between the market price and the firm’s demand curve? What
is the profit maximizing quantity for a firm under Perfect Competition? What are the
conditions that govern whether a firm should operate in the short-run or not?
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