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What products have you bought lately that were made in a different country? What countries produced them? Did you have any difficulty accepting the fact that the product came from there? If presented with the choice, would you rather buy foreign made products with a lower price or American made products with a slightly higher price (assuming they are of the same quality)? Does any of this matter if you are a business owner? Does this matter if you work for a U.S. based company?
The gap between average total cost (ATC) and average variable cost (AVC) becomes larger when output increases. Marginal cost curve cuts the lowest point of the average cost curve.
In class, we showed that while SNAP will likely increase food consumption, $1.00 of SNAP leads to less than $1.00 of increased food consumption. Senator Smith does not like SNAP because of this, and he is proposing his own program for food assistance..
Derive the supply curve for this individual firm. If market price is equal to p=50 what quantity would be supplied? There are only 10 firms in the market. Derive market supply curve. Assume demand is given by: P=100-Q. What would be the equilibrium p..
Imagine that the United States Congress is considering a law that sets a binding quota on the permissible amount of foreign-produced sugar that can be imported into the United States. The quota is expected to increase U.S. sugar prices, which will ha..
Illustrate what is the efficient price of water. Illustrate what are the quantities of water allocated to agricultural also industrial use.
Illustrate what will happen to the forex marketplace rate CAD/USD if you continue trading with your strategy.
Throughly explain each of Friedman's 4 ways to spend money. Explain each in the context of a specific product or service. What can we expect in terms of both price and quality for products purchased under each of the four circumstances. Which is the ..
A market maker faces the following demand and supply for widgets. Eleven buyers are willing to buy at the following prices: $15, $14, $13, $12, $11, $10, $9, $8, $7, $6, $5. Eleven sellers are also willing to sell at the same prices. What is the equi..
Recall our example of an investment of $100,000 in research that yields a pioneering invention that has no commercial value, and a subsequent investment of $50,000 in development that yields an improvement that has commercial value of $1 million.
Illustrate what is the opportunity cost (in civilian output) of a defense buildup that raises military spending
Provide one example each of a workforce scheduling, a blending, and a logistics linear optimization problem not discussed in the textbook. What is being optimized in each of your examples and why?
What conclusion can be made regarding the 95% prediction interval (820, 986) for the daily sales at a retail store that served 100 customers?
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