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“Production should be for people and not for profit.” Answer the following questions concerning this statement:
a. If production is profitable, are people helped or harmed? Explain.
b. Are people helped more if production results in a loss than if it leads to profit? Is there a conflict between production for people and production for profit?
What is the most common way modern labor unions use to raise wages? This will result in the fewest jobs lost if labor demand is elastic or inelastic?
Which of the following is true about profit maximization for a perfectly competitive firm A)Firms continue to increase prices to gain higher profits B)A firm maximizes profit differently in the short run and the long run C)Firms can lower prices to g..
Suppose the EEOC uses a job-scoring system and determines that the wage rate for a secretary is $50 per hour, while the competitive labor market wage rate is $10 per hour. What would be the effect of such a comparable worth law
Illustrate graphically how the detergent cartel would set price and output and do you think this laundry detergent cartel with P&G and Lever will be stable for the next 5 years?
Determine the profit maximizing output?
A company used a combination of inputs that was to left of its isocost line, it would indicate that
There is the firm that has pricing control of its output and is capable to identify its consumers in two groups. The total quantity demanded for its output is the summation of quantity demanded by the two groups,
Reconsider the "double marginalization" model. Show how the upstream firm can use a two part tariff when selling inputs to the downstream firm to achieve the same level of profits as under vertical integration.
Functions of Money) "If an economy had only two goods (both nondurable), there would be no need for money because exchange would always be between those two goods." What important function of money does this statement disregard. Suppose the money ..
Use an indifference curve-budget line analysis to depict the situations, prior to the ban on smoking, of a student who smoked on campus, and of a student who did not smoke.
Discuss why a firm's long-run costs are minimized when it employs the mix of resources such that the ratio of all of the resources' marginal products to their wage rates are equalized. Employ a graph to illustrate.
1. How might freeing up dead capital have helped to increase Mongolia's rate of economic growth 2.What type of investment would foreign residents undertake if they were to purchase a small fraction of the shares of stocks owned by Mongolia's ..
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