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Results tagged with microeconomics
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user 14540
Microeconomics is a branch of economics that studies the market behavior of individual actors (usually firms and consumers) and the aggregation of their actions in different institutional frameworks (usually the market).
4
votes
Is it possible to have constant marginal cost and decreasing average cost simultaneously?
Short answer: Yes, it is possible.
Decreasing average cost implies that marginal cost is less than average cost ($MC<AC$, which can be proved by simply taking the first derivative of $C(q)/q$). With …
- 125
1
vote
Why do firms losing money almost always reduce labor costs via layoffs instead of pay cuts?
I think this can be explained by prisoner's dilemma.
Short answer: if by pay cuts a firm would lose its competitiveness in attracting high quality employees, the best strategy for a firm is to lay o …
- 125