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Edward the entrepreneur takes 2 hours to cut a lawn, and he cuts 1,000 lawns per year. He uses solar-powered equipment (truck and mover) that will last forever -- and could be sold at any time for $20,000. Edward could earn $12 per hour as a pedicurist. The interest rate is 10%. Given his current output level, compute his marginal cost and average cost of cutting lawns. Suppose he decides to reduce the number of lawns cut by half, to 500 per year. Compute the new marginal cost and average cost.
the next question refers to the followingtotal cost schedule for a competitive
A monopoly with a more elastic demand curve will have more market power and monopolist can earn positive profits in the long run because it has market power
Describe the analogies used by Kao Tzu and Mencius to express their differing views on the nature of being human. Then, create an analogy of your own that you think accurately reflects what it means to be human.
Quantities purchased are the same but prices are not. What does this mean in terms of the marginal rate of substitution at those quantities?
suppose there are two consumers a and bthe utility functions of each consumer are given byuaxyxyubxyminxythe initial
Label the substitution and income effects.
The 3-central coordination di fficulties any economic system must solve are, If at some value the quantity supplied exceeds the quantity demanded, then:
When a household buys a new house, does that represent consumption, saving, or investment? What factors may influence a household when deciding between buying stocks, bonds, or a house?
In our treatment of the Ricardian model We have focused on the case of trade involving only two nations. Assume that there are many nations capable of producing two goods
1 costsan electricity company estimates that its variable cost for producing electricity is given by the following ex-
what resources do you make use of in order to maximize your level of satisfaction How do we determine what items to buy How do companies decide what items to produce How do firms determine whether to produce something or not
problem 1if the optimal number of facilities that minimizes the total logistical cost for a certain supply chain is
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