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Explain whether LP techniques can be used in each of the following economic settings.
a. There are increasing returns to scale in production.
b. The objective function and all constraints are linear, but the number of decision variables exceeds the number of constraints.
c. The firm faces a downward-sloping linear demand curve. (To sell more output, it must lower its price.)
d. The firm can vary the amounts of two basic chemicals in producing a specialty chemical, but, for quality control reasons, the relative proportions of chemicals must be between 40/60 and 60/40.
Sort the items below according to whether they promote economic growth or inhibit economic growth-Price controls imposed on milk, The enforcement of trademarks, The government confiscating farmland, The presence of clearly defined property rights
a company has sales of $30 million. A million dollar advertising campaign increases sales $10 million to $40 million, but a two million-dollar campaign raises them $15 million to $45 million. Which of the following can U.S authorities NOT do to con..
suppose mpc is 0.8 initially. households then change their behavior so that the mpc falls to 0.75. what happens to
How much quantity does each individual firm produce? Using your answers from a) and b), determine if an individual firm is making a profit or loss and calculate this amount.
question 1suppose you have a rare simpsons animation cel that youre looking to sell. you decide to hold an english
a countrys culture reflects and shapes its values and each country adopts laws that reflect their prevailing ethical
Complete the Supply and Demand Simulation - Write a 700 - 1,050-word paper summarizing the content of the simulation, and address the following:
Assuming other things equal and capital and labor are fixed in quantity and using our aggregate production function and factor market diagrams, illustrate what happens to output, the real retal rate on capital, and the real wage of labor following..
Which of the following is NOT an explanation for the revival in the growth of productivity starting in the mid 1990s? A)Cell phones and wireless Internet access increase worker flexibility. B)Internet use has increased the efficiency of how firms b..
a company uses two variable inputs labor l and materials m to produce its output. at the companys current level of
Using a supply and demand diagram starting at equilibrium show what happens in the oil market given the following information. (Make sure to show clearly any shifts and new equilibrium price and quantity). Graph and model each one independently. a) T..
prepare a three-page paper in apa style that describes explains addresses and answers the following.how has technology
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