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Which of the following represents an argument in support of comparing the market value of the total output in various years, rather than comparing the actual physical volume of production? A. The composition of output remains fairly constant over time. B. With progress some products disappear and new products emerge. C. Market value provides a common denominator for comparing different combinations of different products. D. Both B & C above provide such an argument. E. None of the above provides such an argument.
Which of the following would most likely serve as an example of a monopoly?
Suppose that we are interested in the effects of police on crime using data from a random sample of US counties. We plan to regresses the county's number of crimes per capital on the per capita size of the country's police force. This regression does..
In the law of diminishing returns, we see increasing returns at the start of production, production then exhibits diminishing returns until it peaks, and then will exhibit negative returns if we attempt to push beyond that. Provide two examples of ho..
Using specific examples, relate the concepts of Cross Elasticity and Income Elasticity to this product.
"In a 2x2x2 Heckscher-Ohlin context, when a relatively labor-abundant country moves from autarky to trade, the real return to capital in the import-competing industry decreases and the real return to capital in the export industry also decreases."
A narrowly diverse culture is always desirable in organizations. The chain of command outlines the planned configuration of positions, job duties, and the lines of authority among different parts of the organization. Task-oriented behavior involves c..
Charlie has utility function U(x,y)=24x^1/2+y. If he maximizes her utility, what is the amount of good y that he consumes, when price of x is 4, price of y is 1, and income is 50 (in this case utility maximization is characterized by the tangency rul..
Elucidate when the monopolistically competitive firm lowers price from $16 to $12, how much does total revenue change.
Consider a firm in a perfectly competitive market with total costs given by TC = Q3 – 15Q2 + 100Q + 30 a.) What is this firm’s marginal cost function? Over what range of output are the firm’s marginal costs decreasing? Increasing? b.) Suppose that th..
Explain the solution to the firm's cost-minimization difficulty ever occur off the iso-quant representing the required level of output.
Refer to the figures of a monopolistic catfish farmer below: Instructions: Enter your responses rounded to the nearest whole number. (a) What is the highest price the monopolist could charge and still sell fish? What is total revenue at that highest ..
Explain why is the supply of physicians a major cause of concern. What is the quintity of aprtments demaneded, and what is the quanitity of apartments supplied.
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