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Question 1 - Assume an economy can produce 10 000 cars but no food. On the other hand if all the factors of production are used, the economy can produce 12 000 kg of food but no cars. Draw a production possibility frontier diagram and determine and depict three (3) points showing the feasible and non-feasible alternatives, including an efficient outcome.
Question 2 - The market for a new refrigerator is in equilibrium with an equilibrium price of $1,250 and an equilibrium quantity sold of 20,000. There has been a consumer incomes rise and the equilibrium price increased to $1,425 and the equilibrium quantity sold increased to 22,000.
Sketch the supply and demand diagram for this market before and after income rise. Mark all curves and axes and showing any shifts or movements along the curves. Analyse and explain your diagram.
Find the marker equilibrium price and quantity if the market demand and supply functions are given as Qd = 2500 - 24 P Qs = -2000 + 2 P2
A colleague tells you that he can get a business loan from the bank, but the rates seem very high for what your colleague considers a low-risk loan. Give an adverse election explanation for this and offer advice to your friend on how to solve the pro..
In your answers round to the nearest tenth of a percent when calculating the percent value. What is the number of employed people in Thomasville? Explain how you got your answer. What is the number of unemployed people in Thomasville? Explain how you..
Critics have argued that if there are strong factor substitution effects, these subsidies could reduce employment in the state. Explain their argument. How does this affect the labor market
eighty five years ago americas 12-year great depression began with a crash. the bottom fell out of the stock market on
In Cournot-von Stackelberg for b > 0 and Bertrand-von Stackelberg for b 0, the follower has smaller profits than if there is no leader. What intuitive explanations can you give for these observations?
compare and discuss realism orthodox liberal and interventionist liberal perspective. provide empirical support and
If the merged firm were able to exploit economies of scale it would affect costs, may be even marginal costs. Assume the marginal cost of the merged firm was not 40, but 30. Is the merger profitable in this case?
You own and operate a fruit stand. Your demand curve is given by P = .5 - .002Q, where P is in dollars and Q is in pounds of fruit. Your marginal cost curve is MC = .006Q. Your fixed costs equal $10.
You're a manager at the Chevrolet division of General Motors. If your marketing department estimates that the semiannual demand for the Chevy Tahoe is Q = 100,000 - 1.25P
State at least three advantages of waveguide resonant cavities over two wire resonant sections.
A random sample of 100 credit sales in a department store showed an average sale of $120.00.From past data, it is known that the standard deviation of the population is $40.00. Determine the standard error of the mean.
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