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An increase in the price of sodium carbonate, a chemical compound used in detergents will:
A) Decrease the demand for detergents.
B) Decrease the quantity of detergents demanded.
C) Increase the quantity of detergent demanded.
D) Increase the demand for detergents.
Illustrate what is the marginal cost of a string. Calculate marginal revenue and marginal cost for each quantity.
A descriptive essay on "what are the benefits and the costs to a nation of higher trade barriers? Which are greater: the benefits or the costs? What impact would a dramatic increase in the world price of oil have on the national?
Suppose instead that the marginal mining cost increases with the amount mined. Illustrate what is now the e¤ect on gold consumption and mining of an increased use of gold as money.
What are the four stages of the business cycle? In which stage do you believe the U.S economy is now? Why? What is the gross domestic product? What is its relationship to productivity? What are the effects of inflation on an economy? What are the eff..
Annual savings due to energy efficiency thermo well have a most likely value of $30,000. The most optimistic value is $40,000 with a probability of 0.2 and a most pessimistic value of $20,000 at 0.3. The First Cost is $150,000, the interest rate 10%,..
A firm has the following short-run production function (where L = Labor and Q = Output): Suppose that the output can be sold for $10 per unit. Further assume that the firm can obtain as much of the variable input (L) as it needs at $20 per unit. Dete..
Wilpen plans to charge a wholesale price of $1.65 per can. As the average value of tennis racket is $110, and average household income of consumer is $24,600.
The Average Total Cost curve must be rising. The Average Total Cost curve must be below the Marginal Cost curve. The Average Total Cost curve must be above the Marginal Cost curve.
Derive an expression for average cost. Derive an expression for marginal costs. Is there any range of production characterized by scale of economies? At what production level are scale economies exhausted?
Calculate the substitution and income effect for the utility function: u(x,y) = x + lny and show that the Slutsky equation applies to those cases.
Consider a market containing four firms, each of which produces an identical product. The inverse demand for this product is p = 100 ? Q. The production cost for each firm is identical and given by C(qi) = 20qi , i = 1, 2, 3, 4. This means that for e..
Find the profit-maximizing choice of q for this miniature farm; also compute profits that will be earned at this choice of q.
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