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Derive a comparative static relationship for a firm that maximizes profit subject to a cost constraint for a two factor, single product function. Assume that the cost constraint is binding. Is this problem characterized by a counterpart to the Slutsky equation? Explain the practical implication of Slutsky equation in estimating input demand such as labor and capital.
Suppose the firms divide the market into two areas of equal size and assign each firm one of the areas. Each firm agrees to sell only in its assigned areas. Will the arrangement generate a successful cartel?
We assume that competitive firms are "price takers." Explain what this means. What is keeping competitive firms from setting prices? Is this a plausible assumption? For which industries is it a likely assumption? For which is it not plausible?
Suppose a competitive market consists of identical firms with a constant longrun marginal cost of $10. (There are no fixed costs in the long run.) Suppose the demand curve at any price, P, is given by Q = 1000 ? P.
q.assume that over the short run say the next five years demand for opec oil is given by q 57.5 -.5p or equivalently p
Calculate the equilibrium buyers' and sellers' price with no sales tax, and then with the 20% tax. Explain how answer illustrates the principle that less responsive side of the market will pay more than half the total cost of sales tax.
Calculate the percentage change in nominal gdp, real gdp and the gdp deflator in 2008 and 2009 from the preceding year. for each year identify the variable that does not change. explain in words why your answer make sense.
Critics of agribusiness allege that industrialized, large-scale food production poses harm to consumer health as well as the environment. Proponents of agribusiness contend that factory farming and other food-production methods are vital in feeding a..
what could affect every also a Discussion of why it is more accurate to examine both when trying to conclude a nation's economic success.
Show the tangency points of producing some output Q in two countries with identical technology and cost. Country A has higher wage rate compared to Country B. but country B has higher price of capital than Country A, why are the capital ratios differ..
You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1’s elasticity of demand is -4, while group 2’s is -3. Your marginal cost of producing the product is $20. Determine your optim..
Show graphically about what happens to utility level and elucidate why the result is plausible.
The Electrotech Corporation manufactures two industrial-sized electrical devices: generators and alternators. Both of these products require wiring and testing during the assembly process. There are 260 hours of wiring time and 140 hours of testing t..
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