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Why is rent not needed to make land available, but very useful in guiding the allocation of land in the economy to its most productive uses? (In your answer, assume that all units of land are of uniform quality of homogeneous. While this assumption is factually untrue, making it helps to understand the role of diminishing marginal productivity in the allocation of units of the resource to their most productive user.)
find a pop culture reference from tv movie music magazine... of an economic concept. the reference can be anything we
Discuss the characteristics of the most effective company development strategies. Which characteristic do you believe is most important? Why?
A market is characterized by a demand curve that can be expressed as P = 3000 – 10 Q. Each of the two identical firms currently serving the market has a total cost function of the form C = 250 q. There are no fixed costs. If the 2 duopolists behave a..
After reviewing efforts to reduce the Deficit, discuss the actions in use by Congress since 1985 to reduce the budget deficits.
Bee keepers in your state have been complaining that the cherry orchard owners are killing bees when they spray cherry trees for pests. you estimate that the private marginal benefit your residents enjoy from cherry consumption is PMB=306-4Q and the ..
Which of the following is a rate that should theoretically serve as a floor for the Fed funds rate? A dealer is said to be running a "matched book" if. An increase in the supply of reserves in the banking system leads to an increase in the Fed funds ..
The Hassman Company produces two joint products, X and Y. The isocost curve corresponding to a total cost of $500,000 is Qy = 1,000 – 10Qx – 5Qx^2. What is the optimum output of product Y? Can you be sure that the optimum output combination lies on t..
Critics of this approach countered that a “zigzag path” that leads to new knowledge about economic phenomena or economic problems is clearly preferable to a “precise path” that leads only to endless refinement of what is already known. What is you..
"The principle of the invisible hand asserts that self-interest behavior on the part of resource-owners leads inevitably to chaos" true or false, why?
According to the production possibilities model, does a reduction in the unemployment rate cause the economy to grow (yes or no)? Explain why or why not. What about Improvement in technology.
There are economies of scale in ranching, especially with regard to fencing land. Suppose that barbed-wire fencing costs $14,000 per mile to set up. How much would it cost to fence a single property whose area is one square mile if that property also..
Assume that when an economy has a GDP of $500, Consumption is $550. The MPC is .75. Investment is 25. Begin the problem by setting up an Income/Consumption Schedule like the one on page 190 of your text. What is the Break-Even level of Income? What i..
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