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Since producers must be compensated for the rising opportunity cost that accompanies increases in output,
a. the law of demand applies to most markets
b. supply curves usually slope downward
c. demand curves usually slope downward
d. supply curves usually slope upward
e. technical inefficiency would not exist in the long run
Trace out exactly where this 100 increase in income goes in the second round and compare to our simpler treatment with a closed economy and lump sum taxes.
Producing nations outside the organization, like Britain and Norway, should do their share and cut production.
What is the price of an hour of leisure? An hour of nonmarket work? What does it mean to say that leisure is a normal good? Why doesn't the market supply curve for labor bend backward?
What plant size will the firm choose in producing. Draw the firm's long-run average-cost curve on the diagram and define this curve.
q. find the equilibrium price and quantity after the shift of the demand curve.if instead two new stores that sell
Demand for good X has been estimated at Qxd = 12-3Px+4Py. Suppose that good X sells at $2 per unit and good Y sells at $1 per unit. Calculate the own price elasticity.
Elucidate what is the firm's cost function. What are its AC, AVC, and MC functions? Draw the AC, AVC, and MC curves.
Compute the MRS of other goods for airline miles; i.e., the MRS that represents the slope of the indifference curves when x1 is on the horizontal and x2 is on the vertical axis.
q.the warren amp smith company manufactures commercial zippers of the two kids x and the kind y. its production
Write an explanation for an interrogatory senator outlining explain how your expansionary acts would operate and what would be the effects on the economy
q.luella has to pay an interest rate of 50 to borrow. she only gets an interest rate of 5 if she lends. she is
When we apply 50 tons of fertilizer, the total yield is 1500 bushels. Elucidate the marginal value product per ton of fertilizer.
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