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a.) What is the difference between diminishing total returns and diminishing marginal returns to inputs?
b.) Sketch a graph and explain why a consumer would generally prefer a cash subsidy to a food stamp.
c.) Can an Isoquant ever slope upwards? Explain.
d.) What is the difference between the Marshallian demand curve and the Hicksian demand curve?
1. One IKEA executive says that the current global economic situation has "pushed innovation" at the company. In fact, he say, "This is a great time to be more innovative." Explain what he means.
Given the current state of energy use, which continues to grow exponentially in such countries as China and India, what measures can the United States and other Western countries take to produce more fuel-efficient and environmentally friendly fuels?
Its demand curve can be written as P = 160 - Q and its short run total cost curve is equal to TC = 1000 + Q^2. What is the rate of output that maximizes ZZZ, Inc.'s short run profits?
If $7,000 is borrowed and repaid with four quarterly payments of $600 during the first year and four quarterly payments of $1,500 during the second year after receiving the $7,000 loan, what is the effective annual interest rate for the loan?
Discuss your understanding of one key aspect of perfect competition. Apply your understanding of perfect competition to the world around you. In a perfectly competitive industry, buyers and sellers are "price-takers". What exactly does it mean to say..
Governments can use subsidies to increase demand. For instance, a government can pay farmers to use organic fertilizers rather than traditional fertilizers. That subsidy increases the demand for organic fertilizer. Which industry would probably spend..
Explain how unemployment impacts various groups of workers differently. Describe the pros and cons of the US unemployment compensation system. Describe the pros and cons of inflation. Explain the challenges created by unanticipated inflation.
Imagine that you run the central bank in a large open economy with a floating exchange rate. Your goal is to stabilize income, and you adjust the money supply accordingly. Under your policy, what happens to the money supply, the interest rate, the ex..
Identify whether each of the following is a flow variable or a stock variable. The total value of all of a company's outstanding bonds. The number of Canadian immigrants living in the United States. Data on recent interest rates can be a good indicat..
In what conditions will an increase in the price of a product lead to a reduction in total spending for that production.
In February 2003, Germany’s patent office proposed a solution to reimburse copyright holders for illegal digital file sharing: charging personal computer manufacturers a fee of $13 per computer that would go into a special fund to reimburse the copyr..
Two Cournot competitors, Nick Limited(O¨rm 1) and Junior LLC(O¨rm 2), face an inverse demand curve p = 400 2q in the market (q = q1 + q2). Both producers have a marginal cost of $10 per unit. What is the reaction function for Nick Limited? How many u..
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