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Compare and contrast a public good versus a private good. What are the principal characteristics of each?
What are the two key characteristics of public goods? Is there a free rider problem when it comes to public goods? Why?
Do you consider your local police force a public good or a private good? How come? How about your local TV service? Please explain your answer.
Consider a monopolist whose total cost function is TC = 20 + 10Q + 0.3Q2 and whose marginal cost function is MC = 10 + 0.6Q. The demand function for the firms good is P = 160 - 0.5Q. The firm optimizes by producing the level of output that maximizes ..
q1. give examples of two consumer goods in your daily life. any goods from all should be of higher demand than supply
What is the cost of producing an additional washing machine when 50 cars are being produced? When 150 cars are being produced?
What is the difference between a production function and an quant. Explain the law of variable proportions with the help of quant.
Assume Okun's law holds also a one percent (%)age point rise in the unemployment rate reduces real output by 2% of full-employment output. The expectations-augmented Phillips curve.
Compute the HHI index for each of the following industries. Which industry is the most concentrated. An industry with five firms that have the following market shares.
Write an equation for a typical production function also illustrate what every of the terms represents.
If each nation grew at a constant rate over these years, in which year did the U.S. overtake the U.K. in terms of average income.
In 1988 the US gross domestic product (GDP) increased to $4.90 trillion at year end, from the 1987 year end level of 4.54 trillion in actual escalated dollar values. In the same year, the consumer price index rose approximately 4%. What was the const..
The UWM Bookstore orders coffee mugs out of a catalog from a supplier. The demand for these coffee mugs is 1,849 per year. There is a $45 charge for placing an order and the cost per coffee mug to hold it in inventory for the year is $2.50. What is t..
How does Supply and Demand play a role in economic thinking? What factors influence economics that don't directly relate to it? How does public choice economics influence the market?
on average, Japan's real every capita output grew at a rate of 3 percent every year among 1973 also 1993. Illustrate what would Japan's output every capita have been at the end of 1993.
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