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Create an extended definition of Classification and Division. Make sure to give enough detail and instruction so that your audience can understand what you are teaching them and how to create one of their own.
(a) Calculate the equilibrium quantity and price for peaches. (b) Calculate the point price elasticity of demand and point income elasticity for peaches at the equilibrium. Also calculate the point cross price elasticity between peaches and aprico..
Suppose a firm is considering taking out a loan for $10,000. The length of the loan is 5 years and the loan interest rate is 15% annual compound interest. The firm's real MARR is 8% and the inflation rate is 4%. The firm is considering two options..
on the basis of the following total utility data for products L and M. Assume that the prices of L and M are $3 and $4 respectively and that the consumer's income is $18. Hint: You base your purchase decision on marginal utility per dollar.
the most efficient production technology available for making vitamin pills has the cost structure given in the following table. Note that output is measured as the number of bottles of vitamins produced per day and that costs include a normal pro..
For three years, there was no technological change in Longland but capital per hour of labor increased from $10 to $20 to $30 and real GDP per hour of labor increased from $3.80 to $5.70 to $7.13. Then, in the fourth year, capital per hour of labo..
An individual has to choose between investment A and investment B. The individual estimates that the income an dprobability of the income from each investment are as given in the following table Using Excel statistical tools, ca..
The local supermarket buys lettuce each day to ensure really fresh produce. Each morning any lettuce that is left from the previous day is sold to a dealer that resells it to farmers who use it to feed their animals.
In a paticular industry labor supply is Es=10+w and labor demand is Ep=70-3w where E is the level of employment and w is the hourly wage. A. what is the quilibrium wage and employment if the labor market is competitivie? What is the unemplotment rat..
Suppose that the production function of an economy follows the formula Y = F(K, bN) where b denotes the number of units of "human capital" per worker and bN the "effectiveunits" of labor. Due to effective educational policy, the stock of human cap..
a small business which produces plastic vacuum-suction covers for round household dishes has a monopoly that is
the nation of ectenia has 20 competitive apple orchards which sell apples at the world price of 2. the following
Suppose a monopolist faces the following demand curve: P = 90 - 2Q. Marginal cost of production is constant and equal to $10, and there are no fixed costs. A) What is the monopolist's profit maximizing level of output
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