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Garden plots at the Aches and Pains Elderxare facility rent for $1 per square foot per month. Lucky has $100 per month to spend on her garden and bus with each bus ride costing $5. The good news is that Lucky's children will pay for half the cost of the garden up to 50 square feet. Sketch Lucky's budget constraint with her children's assistance. Clearly label the interesting point.
What is each fisherman's profit-maximizing output now. Find the market price and the total output.
Illustrate what would be the effect of poor weather on the consumer surplus, producer surplus, deadweight loss.
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?
Suppose that U.S. prices rise 4% over the next year while prices in Mexico rise 6%. According to the purchasing power parity theory of exchange rates, what should happen to the exchange rate between the dollar and the peso?
You are considering buying a piece of industrial equipment to automate a part of your production process. This automation will save labor costs by as much as $35,000 per year over 10 years. The equipment will cost $200,000. Should you purchase the eq..
Zar Island Gas Company is the sole producer of natural gas in the remote island country of Zar. The company's operations are regulated by the State Energy Commission. The demand function for gas in Zar has been estimated as: In the absence of any gov..
EXPLAIN IF POSSIBLE. What is happening to the US real exchange rate in each of the following situations? Explain. The US nominal exchange rate declines, and prices rise less in the US than abroad.
Describe an example of a real-world industry or market that would be considered by economists to be a natural monopoly. What characteristics of the industry make it a monopoly? What is the impact of the monopoly power on its customers?
Discuss how the Fed affects interest rates-the process? In October of 2008, the Fed stepped in as lender of last resort, explain this action.
Suppose the entire civilian labor force is 20,000 people and the number of unemployed is 2,000 people.
Deadweight loss and market failure are created when a market produces
Traditionally, taxi drivers were only paid by the mile. A couple of decades ago, Yellow cab experimented with paying the same per mile rate plus a fixed fee every time a customer got in the cab. How does this change driver behavior?
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