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Assume United States can produce Toyotas at the cost of $8,000 per car and Chevrolets at $6,000 per car. In Japan, Toyotas can produce at 1,000,000 yen and Chevrolets at 500,000 yen.
Economic costs and benefits for project
Explain how a firm values the contribution of workers to its profitability. Would a profit-maximizing competitive firm ever stop increasing employment as long as marginal product is rising?
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Lightweight personal locator beacons are now available to hikers that make it easier for the Forest Service's rescue teams to locate those lost or in trouble in the wilderness.
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The technology of a company making high end, solid gold bracelets in Soho (NYC) is explained through the production function;
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Two firms are competing in an oligopolistic industry. Firm 1, the larger of the two, is contemplating its capacity strategy, which we can broadly characterize as "aggressive" or "passive." The "aggressive" strategy involves a large increase in cap..
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profit = (quantity of output) x (price - average total cost), marginal revenue = (change in total revenue)/(quantity of output).
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