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Consider a firm that produces using only labor and capital. It can produce 1850 units of output by using 4 units of labor and 20 units of capital, or alternatively 2000 units of output by using 5 units of labor and 20 units of capital. If the average price of all output is $0.5 and the firm maximizes profits, it must pay its labor ____________- per hour.
If you know that the marginal utility per dollar spent on product Alpha is less than the marginal utility per dollar spent on product Beta, consumers who spend all their income on these two products can:
With vertical integration in a monopolized environment: When a new baseball team enters a league, the effect on nearby teams is to: The true cost of monopoly power to society is attributable to: Natural monopolies are distinguished by
A portfolio has an expected annual return of 15.7 percent and a standard deviation of 19.6 percent. What is the smallest expected loss over the next calendar quarter given a probability of 1 percent?
the european engine company eec is a multi-national manufacturer of small gasoline and diesel motors. eec has predicted
Suppose price of Treasury bill falls to $925. Illustrate what is interest rate.
Was there a production gap when Kennedy assumed the presidency in January 1961? How large was it? Assume a GNP growth rate of 3.3% starting in 1955 and project forward using Excel document. What were the critical economic issues (and assumptions) of ..
In a command-system farm economy, the head of each household decides what crop to produce in the family farm. In the Circular Flow model of the market system, households are the ones who demand resources in the resource markets. The Law of Demand sta..
A bank can safely reduce its amount of reserves if: congress passed the Credit Card Accountability and Responsibility, and Disclousure Act in order to: Banks often have to sell their loans at fire-sale prices. With the decline in commercial and inves..
Governments build highways and provide medical care, welfare, border security, schools and education. If the market is such an efficient and beneficial mechanism, why isn’t it universally relied on? Explain
In Canada, where land is cheap, the ratio of land to labor used in cattle raising is higher than that of land used in wheat growing. But in more crowded countries, where land is expensive and labor cheap, it is common to raise cows by using less land..
A 10-year project is evaluated under two scenarios: (i) with inflation, and (ii) without inflation. Without inflation under 10% interest rate its present worth is $21,851. If annual inflation of 2% is assumed, then the project's present worth becomes..
China and India are two countries that are leading the way in reducing global warming. A market is a logical extension of a decentralized system in which entitlements are assigned and can be traded.. Social efficiency is gained when collective well-..
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