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1. On the left show the market for potatoes and how the competitive market price for potatoes is determined by supply and demand. 2. Now act as if you are a potato farmer in the Midwest of the United States. On the right side represent the individual firm and draw your marginal and average total cost curves, then illustrate the profit you have made during the year. [You need to draw the charts so that the firm is making a profit.]
Be precise and label your charts.
2. Assume that due to an increase in the federal minimum wage, you now must pay your employees twice as much. In what way does this impact the above charts? Are you still going to be able to realize the same profit? Please explain.
Explain how this investment capital is transformed into fixed capital goods, new technology, and cost reduction using new methods of production.
Assume that an investment is forcasted to produce the following returns: a 20% probability of a $1200 return; 50% probabilty of a $5600 return and 30% probabilty of $9500 return. What is the expected amount of return this investment will produce?
Determine the minimum sample size to construct a 90% confidence interval for the population mean. Assume the population standard deviation is 1.2 years.
Suppose that an automobile costs $30,000 in the United States and 25,000 Euros in France. Further suppose that the exchange rate is .8 (one US dollar = .8 Euros).
the rival long-distance carriers have complained that the local phone company repair persons have put peanut butter on rival long distance carriers's phone lines to encourage rats to eat through the lines.
How would each company determine the location of their facilities? List the specific needs and requirements of each company when determining location.
A newspaper has a monopoly on the local news market in a town. The market demand is given by P=1.70-Q/20,000, making the marginal revenue MR=1.70-Q/10,000. The marginal cost is constant at equal to 0.80. The fixed cost is 2,000. So, the total cost is..
Discuss and explain similarities and differences in the roles economists play as policy makers and as scientists.
Proviade two examples of actions taken by a company, government, or organization whose effect is to prevent specific markets from reaching equilibrium.
Suppose you are offered a job at $50,000 per year in atlanta where the cost of living index is 217.210. A second job in San Francisco promises to pay you the same real income (purchasing power) as the Atlanta offer. What nominal salary must be offere..
Explain Management Information System and how it can help to grow your business and assess the impact of low-quality information on an organization and the benefits of high-quality information on an organization
q1. apparent motion is dependent on factors other than isi. describe the various factors that would affect ones ability
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