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A decision maker wishe to minimize the cost of producing a given level of total benefit, B = 288. The cost function is C = 6x + 3y and the total benefit is B = xy. Set up the Lagrangian adn then determine the levels of x and y at the minimum level of cost. What is the minimu value of cost?
Explain how do they impact the domestic economies of nations. How do they affect individual business decisions.
Trade barriers (quotas and tariffs) are often used to protect domestic workers. Explain how the use of such barriers creates higher unemployment rather than protecting it.
As the manager of Pelican Point Financial Group, you are unable to determine whether any given individual is a high or low volume transaction investor. Design a self-selection mechanism that permits you to identify each type of investor.
Describe the effect of such clauses on both the government, and other customers, noting, inter alia, the effect on the selling firmâ.
Explain how relevant to the real world do you believe this result is in the "contestable markets" view of the competitive process.
The Heckscher-Ohlin model assumes that tastes are the same in Home and Foreign. Suppose now that tastes are different in Home and Foreign.
At $300, a total of 10,000 ounces of output is profitable. Similarly, total production increases by 5000 ounces for each sucessive $100 increase in the price of gold. Describe the relevant relationship between the price of gold and the production ..
"Because of market failure, we need a big government intervention to help appropriate the scarce resources to make sure that everyone is taken care of." Do you agree Take a position and provide your rationale.
Economists says as if economic growth is necessarily a good thing, many question the sustainability and even the morality of ever increasing economic growth.
You estimate the demand function for the square shreddies to be Qs=80-20Ps-6Pm+10Pd, where Pm is the price of milk, Ps is the price of the square shreddies, and Pd is the price of the diamond shreddies. what is the elasticity of demand for the squ..
Assume that the graph on the next page illustrates the marginal, average variable and average total cost curves of a typical coffee grower-Assume that the current market price at the wholesale level is $5 per pound. How much coffee will this typica..
As an economist, you have been asked to address a meeting of a group of international professionals to explain the differences between microeconomics and macroeconomics and to provide real-world examples.
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