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Profit Maximization Problem
Suppose Alyssa gives haircuts on Saturdays to make extra money. She is the only person in town cutting hair on Saturdays and therefore has some market power. Assume that she does not incur fixed costs, and the only significant variable cost to Alyssa in giving haircuts is her time. As she gives more haircuts, Alyssa must increasingly forgo other valuable Saturday activities. For example, if she gives one haircut, she forgoes reading the paper after breakfast. If she gives two haircuts, she gives up reading the paper, sleeping an extra half-hour, and so on.
For each measure you recommend, discuss its rationale and any threats that it would seek to mitigate. List and describe the vulnerabilities it might not address
Elucidate the factors which contribute to the elasticity of goods. Descriobe how these factors influence consumers to purchases goods or services.
Why must the total value of expenditures in the economy be equal to total income? Is the value of intermediate goods and services included in GDP? Explain.
The question asked was assume that the government imposes a price ceiling on toasters. In particular, suppose that it decrees that a toaster cannot sell for more than $14.
Explain why the following statement is false: If a firm's output is increasing and marginal cost (change in total cost divided by change in quantity) is rising, then average total cost (TC/Q) must be rising also.
Consider the following Solow model of growth. Both population and work force grow at the rate of n=1% per year in a closed economy.
As advisors insists that this would not work, another advisor thinks it's good policy. Which advisor is correct.
Where q is the number of hours of music he plays, and y is his consumption of all other goods. Each hour of music he plays costs him $2 in electricity, but his income is large enough that he could always afford to play music 10 hours a day if he so w..
Find an article on the macro economy (inflation, employment, economic growth). Write a 250 word summary of the main points of the article
Assume a merger of company would simultaneously lessen competition and reduce unit costs through economies of scale.
A firm produces output according to the production function Q=K^(1/2)L^(1/2). If it sells its output in a perfectly competitive market at a price of 10, and if K is fixed at 4 units, what is this firm's short-run demand curve for labor
Which of the following is/are an example of involuntary unemployment ? 1. a housewife 2. a student
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