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"The mysterious character of the commodity-form consists therefore simply in the fact that the commodity reflects the social characteristics of men's own labor as objective characteristics of the products of labor themselves, as the socio-natural properties of these things. Hence it also reflects the social relation of the producers to the sum total of labor as a social relation between objects, a relation which exists apart from and outside the producers. It is nothing but the definite social relation between men themselves which assumes here, for them, the fantastic form of a relation between things. I call this the fetishism which attaches itself to the products of labor as soon as they are produced as commodities, and is therefore inseparable from the production of commodities."
Write down a paragraph explaining how the Hernandez Corp. finds the least cost combination of inputs for producing the given rate of output.
Devise a government subsidy that will induce private education providers to educate socially optimal number of students. Explain. Provide a $ amount for the subsidy.Does it ever make sense to not educate some students. If the example were couched ..
What is the effective rate of tariff protection (ERTP) for the U.S. shoe industry now and what is the U.S. shoe industry's value added for each pair of shoes?
What are the costs of making those "systematic mistakes"? Is it possible to act "irrationally," or is rationality defined by the individual's approach to decision making?
Use the demand and supply analysis to explain how higher price of corn impact the market for Ethanol (a motor fuel manufactured from corn and can be used to power the engines of many Automobiles).
Assume that the two firms behave as Cournot Duopolists. Explaining the concept of best response or Creaction function, determine the best response function for each firm. Calculate the profit maximizing output of each firm and the market price.
Suppose you are the CEO of ClipIt, a paper clip producer. Your firm enjoys a patented technology that allows it to make paper clips faster and at a lower cost than your only rival, FastenIt.
Find the inverse demand curve. How much consumer surplus do consumers receive when Px=$35? How much consumer surplus do consumers receive when Px=$25? In general, to the level of consumer surplus as the price as the price of a good falls?
Discuss the firm's activities outside the U.S and identify which economic concepts, such as comparative advantage, apply to your firm.
Why there is so much advertising in monopolistic competition and oligopoly? How does such advertising help consumers and promote efficiency?
Calculate the monthly consumer surplus for each group before and after the rate increase. Your boss wants a measure of the losses to each group from the rate increase.
Using aggregate demand, short run aggregate supply, and long run aggregate supply curves, describe the process through which each government policies will move economy from one long run macroeconomic equilibruium to another.
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