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a. You are told to produce a quantity that maximizes profit. How many units do you produce and what is your profit? How many machine and labour hours are used in production? b. At this level of profit-maximizing output, what is your marginal cost, average variable cost, and average fixed cost of production?
Given the following predictions for nominal wage increases and productivity growth, state your forecast for inflation (assume this is all the information available to make the forecast).
Using the exchange rates and prices in the tables above:
The law of comparative advantage recommends that countries specialize in those products in which they have a comparative advantage, not an absolute advantage.
Human service interactions in terms of macro systems-communities and organizations. Empowerment is basically a process to assist people groups, families and communities, individuals, to use their strengths to overcome their challenges.
A firm uses two inputs, unskilled labor (L) and capital (K) to produce its product. The wage rate for one unit of labor is $5, while units of capital cost $20.
Use Excel program to estimate of the state's demand for KBC microbrews in Ohio. Print (past) the computer regression output and provide an economic interpretation of the regression results.
Explain how each of the following scenarios would cause the aggregate demand, short-run aggregate supply, and/or long-run aggregate supply.
Provide a graph of the Solow model, indicating the position of the golden rule level of saving (SR), and explain why it is preferred.
What is the effect on investment? What is the multiplier effect?
In an article about the financial problems of the USA today, Newsweek reported that the paper was losing about $20 million a year.
When a recession is over, do people begin to immediately feel the effects of an efficient economy? Use the experience of the most recent recession to justify your answer.
Compute total revenue, marginal revenue, marginal cost, and average total cost of this natural monopoly. What is the profit maximizing output and price for this natural monopoly when the government does not regulate it?
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