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Values are "ideal" consisting of ideas that we believe to be good and what we should do. What happens when people violate values, failing to practice what they believe in?
If the objective is to increase total revenue, should the price be increased or decreased, Explain.
Who pays the tax: Graphical model with interpretation? Then the mathematical model solution with interpretation: compare P1 with P2 with P1 + tax
q1. find the equilibrium price and quantity after the shift of the supply curve.q2. a machine used to cereal boxes
The impact of labor migration on patterns of international trade depends on the characteristics of the labor migrants. In which cases might migration expand trade? World income? In which cases might it reduce trade and world income?
Suppose we now care about the long run decisions of a firm that has a production function of the form q = 2L + 3K. Now suppose instead that the price of each unit of labor is 3 and the price of each unit of capital is 4. Firm’s output is still 20. Fi..
The industries or sectors of the economy in which business cycle fluctuations tend to affect output the most are:
Mirk Labs is a pharmaceutical company that currently enjoys a patent monopoly in Europe, Canada, and the United States on Zatab, an allergy medication. The global demand for Zatab is: Qd = 15.0, 0.2P where Qd is annual quantity demanded (in millions..
A perfectly competitive firm has Marginal Rate of Technical Substitution for labor with capital K/L . That is ?MRTS?_LK=K/L. The prices of labor and capital are P_L=1 and P_K=2 dollars respectively. The firm has decided that the lowest total cost the..
Explain these varied outcomes in terms of how the market system answers the question "What goods and services will be produced?"
The Fair Labor Standards Act, enacted in 1938, requires that firms pay "double time", which is 200% of the regular wage rate, for overtime work. This question asks you to consider some of the incentive effects of overtime pay. When faced with the bud..
Assume that there are two identical firms in an industry, each producing the same good at the same constant marginal cost of $60. Make a table, similar to the one we made in class, for the Bertrand, Cournot and Monopoly models, showing the following:..
In the last year, what is an example of something you have done that can be considered a socially responsible effort? How do you think this has helped your community?
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