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Suppose the total cost of producing a given quantity of a good is given by: TC = X1/2 where TC is total cost and X is the quantity of the good. Given this information, determine whether production of the good is characterized by increasing returns to scale. Be sure to explain your answer carefully.
In general, correcting income distribution data for taxes and transfer payments results in:
The United States has gone through a prolonged recession since 2007. How has this economic crisis affected the position of the United States in the global economy?
The annual income from a rented home is $24,000. The annual expenses are $6000. If the house can be sold for $245,000 at the end of 10 years, how much could you afford to pay for it now, if you considered 9% to be a suitable rate?
Alan always uses 2oz. of peanut butter and 2oz. of jelly in a PB&J sandwich, and these are the only two commodities he consumes. Assuming he has 2oz. of peanut butter and 2oz. of jelly, how many sandwiches could he make? What if he had 3oz. of peanut..
Goleta Brewing Company hires only two types of labor, managers and brewing assistants (denoted by M and B, respectively). GBC has the following Cobb-Douglas production function F(M,B) = m5 B5 and wants to produce 10 barrels of pale ale this week. How..
Sergei is a computer programmer with a utility function equal to U=Y+120L-L . He contracts with Uber that allows him to set his own work hours; they pay him $50/hour. He has allocated himself a work-hour time budget of a maximum of 250 hours per mont..
The costs of expected inflation cause productive resources of an economy to be directed away from their efficient allocation. Explain how each of the following costs of expected inflation distrot the allocation of productive resources:
A smaller network carrier (hub and spoke airline) is considering expanding its product by adding a new route connecting its hub with the “fortress hub” of a global network carrier (see Doganis sections 9.6 & 9.7). Use penetration pricing.
During 2003, we began to stop worrying that inflation was a problem. Instead , we began to worry about deflation, a decline in the price level. Assume that the central bank ( federal reserve ) decided to hold the money supply constant. What impact wo..
Instructions: Please respond to the following prompts (should be approximately 200-300 words) 1). How does the legal system work in Brazil? 2). There are several different "schools of law" that are used in the United States. Of the 7 that were discus..
How does elasticity of supply affect the loss of economic surplus caused by a price ceiling?
A key difference between accountants and economists is their different treatment of the cost of capital. Does this cause an accountant’s estimate of total costs to be higher or lower than an economists estimate? Explain.
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