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Assume that a simple society has economy with only one resource, labor. Labor can be employed to produce only two commodities- X, a necessity good (food) and Y, a luxury good ( music and entertainment). Suppose that the labor force consists of 100 workers. One laborer can produce either 5 units of necessity per month ( by hunting and gathering) or 10 units of luxury per month ( by writing songs, playing the guitar, dancing, and so on).
A) On a graph, draw the economy's production possibility frontier (ppf). Where does the ppf intersect the Y-axis? Where does it intersect the X-axis? What meaning do those points have?
B) Assume the economy produced at a point inside the ppf. Provide at least two reasons why this could take place. What could be done to move the economy to the point on the ppf?
Employ the following data for the pure monopoly to compute the firm's: (a) total revenue, marginal revenue, marginal costs, and average total cost
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Allied company machines produces the output that it sells in the highly competitive market at the price of $100 per unit. Its inputs include two machines (which cost the firm $50 each) and workers
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To maintain utility constant an income adjustment brought the student to consume the basket (61,92). What are substitution effects and the income ?
Write down a paragraph explaining how the Hernandez Corp. finds the least cost combination of inputs for producing the given rate of output.
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