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1. What are the physical features of your community? Research this question by looking at maps that indicate the geographic features of your community. What did you learn about the physical geography of your community that surprised you?
2. Why did your community develop in the first place? Why do people live there? What physical characteristics of the natural landscape contributed to the population growth of your community?
3. How many people are in your community? Has this number increased or decreased in the last twenty years?
4. What factors caused people to migrate to your community in the past? What are current factors causing people to migrate to your community?
5. Who are the people in your community? What racial or ethnic groups are present? What other demographic information can you find about the people in your community?
6. Locate a map illustrating the spread of a virus in your community. How is this type of information useful to you?
Consider the decision of a household to have additional children. As a result of the substitution effect(s) of a wage increase, economic theory predicts that: In the household production model, the income effect associated with a wage decrease will:
The effect on the budget deficit is as follows:
Determine tax that would in a monopolistic market producing socially efficient output. Assuming that no attempt is made to monitor or regulate pollution, which market structure yields higher social welfare. Discuss.
Discuss each of the pricing strategies below. What conditions are necessary to make each strategy successful in terms of increasing profits?
To assess a firm's demand for capital we must determine the present value of marginal revenue products and marginal factor costs of capital. A firm maximizes profit in the hiring of capital when the MRP of capital is greater than the MFC of capital. ..
If Y is a continuous, uniformly distributed random variable over the interval (4,10), then the value of the PDF between 4 and 10 is: (
With current technology, suppose a firm is producing 800 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 5 units of labor, 5 units of land, 4 units of capital, and 1 unit of entrepre..
A company is trying to figure out the cheapest way to produce 36 toys. The company†TM s technology is given by:
In the long-run equilibrium of a perfectly competitive market, briefly explain why:
Do you think the industry environment is significantly dissimilar today.
Assume that the labor supply curve to a firm is the one given in Problem 1 above that is, (E=5W). If the firm’s marginal revenue product of labor (MRPL) 240 – 2E, what is the profit-maximizing level of employment (E* ) and what is the wage level (W *..
The labor supply function is given by N=1000+12w and labor demand is N=2000-8w. Find the equilibrium level of employment and wage. Given existing technology and the capital stock, output is given by the function Y=100N. Does the function exhibit dimi..
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