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1) A plywood firm uses three inputs – labor, lumber, and saws. Although it van vary its labor each week, it must order its lumber six months in advance, and it would take a year for the firm to sell its saws or acquire new saws. What time periods comprise the short run and the long run for this particular firm?
2) Explain why, aside from the shut-down decision (i.e., assuming that the firm plans to produce some positive amount), a firm should not use its average cost of production to determine the quantity of output that it produces.
Best Option: An ethically mature option is one where you creatively seek solutions that are thoughtful, consider others, and are consistent with a good character for someone in your role. In order to demonstrate impartiality, require drillers to disc..
The recurrent ups and downs in the level of economic activity extending over several years are referred to as business cycles. What are the phases of this cycle and describe what occurs in each phase?
elucidate what will be the effect on the world price of wool. How does the marginal revenue to Australia from an extra unit of wool relate to the price of wool.
Throughout most of human history, people lived in relatively small, egalitarian bands. With the advent of farming, stratified societies began to emerge and today dominate the human landscape. For this question, explain Diamond’s thesis as to A. Why t..
Compute the present value of the bond when the interest rate is 8%. Must the yield to maturity be above or below 8%.
In the same election game played in class, assume that we have three candidates. Now are strategies 1 and 10 still dominated by strategies 2 and 9 respectively? If not, check and see if they are dominated by strategies 3 and 8 respectively? If so, ar..
According to the RBA website, the current inflation rate is 1.5%. The RBA normally aims for inflation to be between 2 and 3 per cent. Since inflation is below 2%, and in reference to the media release by Glenn Stevens, why didn’t the RBA reduce the c..
Tax-policy model assumes no autonomous tax. Derive an IS curve equation for an economy where taxes T are described by T = t0 + t1y: t0 being the autonomous tax level.
Freedom of Expression is primarily a liberty against state interference. All of the following are true, according to your readings, except:
Think of another good that you have purchased recently Be specific (e.g. is it breakfast cereal in general or Cheerio’s cereal specifically). If the price of this item increases, how would this affect the quantity of the good that you consume? Would ..
Assume the required reserve ratio equals 12%. Find the maximum deposit expansion using the deposit multiplier formula. State what happens to the a) excess reserve to deposit ratio, b) bank loans to the public, and c) the money supply. State what happ..
Pegging Interest Rates. Suppose the Federal Reserve wanted to fix, or “peg,” the level of interest rates at 6 percent per year. Using a simple demand- and -supply graph, show how increases in money demand would change the supply of money if the Feder..
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