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Someone claim that immigration must always be good for economy because the raised supply of labor will result in a higher GDP. Estimate this statement. In your answer take into account the skill level of potential immigrants as welll as all factors which go into the determination of GDP per capita. Remember that potential immigrants come from many countries and with various skill levels. Do not take a position as to whether immigration should or should not be encouraged; only discuss its potential impact. Look at both overall GDP and GDP per capita
Does microeconomics apply to every nation in the world. Explain your reasoning. and explain the specifics of any cases or examples you use and the implications of similar on local citizens of that country.
Describe the concept of the law of "diminishing returns" and why does it take place only in short run? Differentiate between "the long run return to scale" and "economies of scale."
The box industry was perfectly competitive. The lowest point on long run average cost curve of each of identical box producers was dollar four, and this minimum point occurred at an output of 1,000 boxes every month.
Three machines are employed in isolated area. They each produce 2,000 units of output per month, the first requiring $20,000 in raw materials, the second $25,000, and third $28,000.
Assume that the technology of producing widgets is that every company entering the market has the same total cost curve, as follows; TC=1000+5Q+0.1Q^2
Suppose you are starting your own Internet business. You make a decision to form a company that will sell cookbooks online. You estimate that the yearly cost of this business will be given as follows:
Make a table showing Mankato's marginal cost of newsprint production. Find out the minimum price necessary for Mankato to supply one ton of newsprint?
Determine the short run average variable cost and the marginal cost functions. Determine the output level that minimizes short run average variable costs
Mention five ways you are affected on a daily basis by government intervention in the market. For what reason might government be involved? Is that reason justified?
Amityville has a competitive chocolate industry with supply curve Ps =440+Q. While market demand for chocolate is Pd=1200-Q, there are external profits that the citizens of Amityville derive from having
Assume that the market demand for bus rides is given through Q=420-30P and market supply of bus rides is given through Q=30P, where Q is bus rides each week in thousands
Find out the firm's optimal quantity, price, and profit (1) by using the profit and the marginal profit equations and (2) by setting MR equal to MC. Also provide a graph of MR and MC.
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