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Consider a production possibilities frontier? (PPF) that is concave? (bowed outward from the? origin). Such a PPF displays increasing opportunity? costs, meaning that the cost of producing additional units of both goods rises. What is the reason for increasing opportunity? cost?
A. market forces do not lead to an equality between price and opportunity cost.
B. management is disorganized and production is inefficient.
C. some resources and skills cannot easily be adapted from theur current uses to alternative uses.
D. as more of a good is produced the inputs used to produce that good will increase in price.
Suppose a firm’s production function is: f(E,K) = 40K0.25E0.75 The corresponding marginal product functions are: MPK = 10K-0.75E0.75 and MPE = 30K0.25E-0.25 Suppose initially that the hourly wage is $9 and the price of each unit of capital is $15. If..
Price discrimination is a pricing strategy whereby a firm's prices for the same or very similar goods vary for customers in different markets. This can help the firm attain more profits compared to charging a single price. For example, a movie theath..
In 2004, a Massachusetts woman won 5.6 million dollars in the lottery, which would have paid her an initial gross payment of $283,770 and 19 more yearly payments of $280,000. Instead she sued the lottery commission for a lump-sum payment. Louise Outi..
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When she hired a fourth worker, her total product increased but by only 1,000 bullfrogs. Yolanda pays $1,000 a week for equipment and $500 a week.
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