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Do you think the MP (marginal productivity) figures in the presentation are based on a single variable factor, or all factors of production? Why? In the paper, what other input factors are necessary to make the holiday wreaths? Are those other factors considered variable in the long run? Why or why not? How can you tell if you have increasing or decreasing returns to scale for the holiday wreath example?
If an economy experiences increasing prospect costs with respect to two goods, then the production-possibilities curve between the two goods will be.
According to the rational choice model, cash grants are preferred to food stamps because
Entrepreneurship is a A. Distruptive B. Stabalizing force in an economy. True or False: Economic models cannot fully capture the dynamic process of competition, in particular, the discovery of new products and methods.
Which of the following is an example of an unintended effect of fiscal policy?
Formulate an empirical economics question that you or a potential employer is interested in answering. What is your economic model; what is the basis for your economic model? What is your econometric model, including a discussion of functional form. ..
Success and Luck, Robert Frank discusses the luck necessary to be successful and the impact of winner-take-all markets. How do winner-take-all markets exacerbate the effects of luck in the distribution of income to successful individuals?
(Arbitrage) A supplier is selling hammers in two cities, Pleasantville and Happy Valley. It costs him $5.00 per hammer delivered in each city. Let p1 be the price of hammers in Pleasantville and p2 be the price of hammers in Happy Valley. Assuming th..
Why are Average Cost Curves U-shaped? Illustrate what is Law of Diminishing Returns. Discuss a company's two short run options.
Define and discuss the importance of the time value of money concepts including compounding (future value), discounting (present value), and annuities. Why do organization leaders need to understand these concepts?
A food supplement store sold a vitamin for $2.00 a bottle and in one month sold 2,000 bottles. After a price increase, the vitamin sold for $2.20 a bottle and the store sold 1,900 bottles the next month. What is the elasticity of demand
Which of the following argues against Federal Reserve Bank independence?
An automobile factory sold $10,000,000 in automobiles to final consumers. Given these events, calculate the GDP of Autoland using a. the final goods approach. b. the value-added approach.
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