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The Babylonians studied problems which lead to simultaneous linear equations and some of these are preserved in clay tablets which survive. For example a tablet dating from around 300 BC contains the following problem:- There are two fields whose total area is 1800 square yards. One produces grain at the rate of 2/3 of a bushel per square yard while the other produces grain at the rate of 1/2 a bushel per square yard. If the total yield is 1100 bushels, what is the size of each field?
Sometimes, a bidder on a work contract may bid lower than what would maximize his/her profit from the contract and the reason for that is to create goodwill (to increase expec
Select a Government Regulation. Identify a particular government regulation of your choosing that in your opinion has either been successful or a failure. Briefly state the or
An economist published a research paper arguing that the multiplier from a proposed fiscal stimulus of 25,000,000 will be 1.5. in other words the ratio of the total economic i
Explain the difference between absolute advantage and comparative advantage. Why is international trade theory based on the latter? Be sure to contrast trade theory with the e
Suppose you are studying the recent rise in shale energy. You know the inverse private demand function for shale energy is P = 100 - Qd. The private supply of shale energy is
Consider the following short-run production function: q = 5L2 - 1/3L3. Illustrate at what level of L do diminishing marginal returns begin. At what level of L do diminishing r
The Future Flight Corporation manufactures a variety of frisbees selling for $2.98 each. Sales have averaged 10,000 units per month during the last year. Recently Future Fligh
Suppose we are given the firm’s marginal rate of technical substitution of labor for capital at the combination of labor and capital firm currently uses. Can we determine the
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