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What do you call the average production cost of a particular level of output; total input cost divided by units of output?
Elucidate whether demand for that products and/or services is relatively price elastic or relatively price inelastic and explain why.
Durable goods pricing. Consider the example discussed in class. The monopoly sells two units of goods over two periods. The costs are zero. Consumer A has a valuation of 15 and Consumer B has a valuation of 10. Suppose the discount rate is f=.8.
Sketch a supply and demand graph to explain this change. Be sure to label your graph and clearly indicate the change of the curve.
Discuss the determinants of varying levels of income. What factors determine a person's wages. In your opinion, do these qualifications always hold true.
A test classifies applicants as accepted or rejected. On the basis of data on 200 applicants, we test the hypothesis that ad placement success is not related to gender.What hypothesis testing would you use in this situation
Illustrtae the marginal product of labor.
What is the key difference between "old-fashioned" and "high tech" crises? What are the limits of the interest rate approach to resolving balance of payments crises?
Give three reasons why firms produce in Germany rather than in a lower-wage country.
Your analyst tells you that he has estimated the following linear regression model of your company's long run technology:
Explain whether each of the following events shifts the short0run aggregate supply curve, the aggregate demand curve, both, or neither. for each event that does shift a curve draw a diagram to illustrate the effect on the economy
Contrast the role of constant-cost, increasing-cost, and decreasing-cost industries in determining the shape of a long-run market supply curve.
Why is economics considered a social science? What role does economics play in your personal and professional lives?
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