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Respond in 200 words. Economic growth, as measured by increases in real GDP per capita, is a goal for most countries. This is often interpreted as an increase in economic welfare for citizens. How would you evaluate this assertion? If there are reasons to dispute it, why is it a nearly universally recognized goal? Are there better methods for measuring economic welfare? How would you measure it? What is the current rate of the GDP per capita and how would you interpret this number?
Define syncretism and discuss examples of it within South Asian Islam and Hinduism. Also, after reading this chapter how can you view Islam as a "plurality of traditions" (201) rather than as a single monolithic entity?
q.in this problem we consider the differences between the competitive monopoly and cournot equilibria under the same
What is the average product of labor, given that the level of labor equals 5, total output equals 500, and the marginal product of labor equals 25?
The following table summarizes the marginal abatement cost functions for an industry with two sources of pollution. What is the level of emissions and abatement at each source under the uniform standard? What is the total compliance cost for the indu..
Illustrate what is the change in quantity of money that will eventually result. Assume that the currency drain in 0.15 and the desired reserve ratio is 0.05, and show your calculations
A solution was provided for a hospital but was rejected by the board of directors because it was too expensive. Regardless of the solution provided for the hospital how can one determine where to cut costs in the proposal? What questions should you a..
Japan, one worker can make 5 tons of rubber or 80 radios. In Malaysia, one worker can make 10 tons of rubber or 40 radios. Who has the absolute advantage in the production of rubber or radios? How can you tell? Calculate the opportunity cost of produ..
A perfectly competitive firm’s profit-maximizing price is $15. At MC = MR, the output is 100 units. At this level of production, average total costs are $12. The firm’s economic profits are
Suppose a firm’s production function is given by the following equation: Q = min(5K, 10L). If the firm is using 4 units of capital and 3 units of labor, how much output are they producing? Is this firm operating efficiently? Why or why not?
You are the manager of a local sporting goods store and recently purchased a shipment of 60 sets of skis and ski bindings at a total cost of $25,000 (your wholesale supplier would not let you purchase the skis and bindings separately, nor would it le..
In a perfectly competitive industry, the price of good A is $2. If a firm in this inudustry decides to increase its price to $2.50, it will:
Suppose you are given the following Total Product Function: Q=100K^3/2 L^4/2 M^4/7,where Q is total output or units produces; K, capital; L, labor; and M, materials.; that is, this is a input factor production function. Discuss the returns to scale.
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