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Suppose that labor and fertilizer (another variable input) are used to produce crops from a piece of agricultural land. How much labor and fertilizer would the landowner use if he seeks to maximize land rent? Explain quantitatively the determination of the rent-maximizing solution.
Demand is measured on the vertical axis and supply on the horizontal axis. The law of demand states that there is a direct relationship between supply and demand. Excess demand in the market will cause the price of a product to decline. Antiques woul..
Be sure to construct an essay that addresses the selected question fully. Be sure to use specific examples as evidence that supports your argument. the framework for the first part of the course has been the “convergence model.” Explain what this is,..
A firm can hire 10 workers at a wage of $10 but has to pay a wage of $12 to ALL workers to get the 11th worker. What is the marginal cost of adding the 11th worker.
The no-trade equilibrium in Foreign. How do the relative no trade prices of computers compare in Home and Foreign.
The home country has a very elastic (flat) export supply curve. The home country has a inelastic (steep) export supply curve. other things held constant, under these two situations which one will home country have a larger TOT (tariff Revenue) gain a..
Explain how natural monopolies Cause market failure? How is deadweight loss associated with this form of market measured? What is a typical form of government intervention to correct it? How effective is this type of intervention?
Suppose that the income elasticity of demand for hardback books is 2.5, that household incomes are rising at 2% a year., and that 2 million are initially being sold per year. The own price elasticity of demand is -0.5 and the cross-price elasticity o..
The market for autographs including letters o other documents signed by famous people is subject to frequent large price changes as are markets for most collectables.
Assume that for the last worker hired MPL=4, MR=2, and W=4, and if one more worker is hired MPL=3, MR=2, and W=4. Given this information, the firm- should leave employment unchanged, should increase employment.
What is the role of the financial system? Name and describe two markets that are part of the financial system in the U.S. economy. Name and describe two financial intermediaries.
Explain how the market for corn would be affected if ethanol, a corn derivative, was used to fuel cars in the united States. How would the market be effected if new technology cause corn farming to be more efficient.
Using the value of MPC = 0.75, and knowing the difference between the values of expenditure multiplier and the tax multiplier), Estimate the increased level equilibrium aggregate output (RGDP) with a total tax rebate (reduction) $400 billion.
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