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Show the total and marginal products and indicate at each level of production whether the production function exhibits increasing, constant, or diminishing marginal productivity.
Monopolistic competition, oligopoly, or monopoly. What characteristics were most important in making your decision about the market structure of the business.
Is the economy of Nurd in equilibrium? What is Nurd's equilibrium level of income? What is likely to happen in the coming months if the government takes no action?
Assume that the price of X is $1.65, the average consumer income is $20,000, and the price of the related good is $1.10. Compute the predicted quantity demanded of X at these prices and income.
Its ATC curve when K = K1 is given by ATC1 = Q2-4Q+6. The corresponding curve for K = K2 is ATC2 = Q2-8Q+18. What is this firm's LAC curve?
Coupon worth 275 and represent the budget line faced by John in this case. What bundle will John choose when offered the coupon? Compare it with the bundle chosen under the income subsidy.
Find the tax on the consumer's general purchasing power that will collect the same revenue as t = 0.10. Graph the consumer's budget line under this income tax.
Review the diagrams and write a three to five page length paper that:Defines and explains a closed system and provides an example. Defines and explains an open system and provides an example.
Sharon buys a ticket in a small lottery. There is a probability of 0.7 that she will win nothing, of 0.2 that she will win $10, and of 0.1 that she will win $50. What is the expected value of Sharo
How much milk will Sheila buy per week? How would your answer change if the price of coffee rises to $2 per week? Illustrate your answers graphically.
When offered C($1000, p=0.20) and D($1200, p=0.18), she prefers gamble D. Show that these choices are inconsistent with expected utility maximization.
How would fee for service reimbursement affect the number of admissions, the average length of stay, the volume of services per day, and the unit cost of services (cost per service) for a hospital.
Suppose that Max's income level is 10. Derive Max's demand function for x1. Is x2 a substitute of x1 or a complement of it?
Lee has the utility function U(x1,x2) = (x1+1)(x2+4) The price of x2 is $1. Lee spends all his income to buy 6 units of x2 and no x1. What is the minimum level of the price of x1 compatible with the
What is the marginal revenue product of hiring one low-skilled worker to clear woodland for one month? How much revenue per hour does each worker bring in?
Draw the initial market-without scalpers. Take into account that many consumers who would be willing to buy a ticket at the official price of $65 cannot do so because of the limited number of ticket
A firm purchases $400,000 worth of raw materials and pays wages and salaries of $300,000 and dividends of $100,000. If the firm sells its output for $1 million, the firm's value added to GDP is?
The two economies are similar in every respect. Which country will suffer the greatest decline in employment as a result of the decline in exports?
Discuss the manner in which an analyst would compare the relative profitability of the two potato chip segments. How does SFAS 131 help the analyst?
Why do economists attempting to forecast short run future changes in real GDP and employment look closely at data on business inventories and unfilled orders?
Real GDP grows by 5% per year, the money stock grows by 14% per year, ant the nominal interest rate is 11%. What is the real interest rate?
Interest payments from the government to the domestic private sector = 15 (Assume all interest payments by the government are to domestic households.). Find the following, assuming that government i
The next 5 years will be a short term average price increase of 22.296%. What should Honda and Toyota do to manage this short term average price increase?
where K is the number of large pots used each hour and L is the number of worker hours employed. Pot rental costs $2/hour and worker wages are $8 per hour. Graph the isoquant for which q = 2000 quar
Consider the Cobb-Douglas utility function U = U(X,Y,Z) for the case of three goods X,Y and Z defined byU = (X,Y,Z)=(X^1/3).(Y^1/3).(Z^1/3). What are the marginal utilities and marginal rates of subst