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Suppose that when the price of gold is $100 an ounce, gold producers find it unprofitable to sell gold. However, when the price is $200 an ounce, 5000 ounces of output (production) is profitable. At $300, a total of 10,000 ounces of output is profitable. Similarly, total production increases by 5000 ounces for each sucessive $100 increase in the price of gold. Describe the relevant relationship between the price of gold and the production or gold in words, in a table, and on a graph. Put the price of gold on the vertical axis and the output on the horizontal axis. Comment on the advantages and disadvantages of the verbal, tabular, and graphical forms of description.
Assess the degree of difficulty associated with measuring marginal revenue product for each of the following occupations.
Assume Helen's income increased from $30,000 per year to $45,000 per year and Helen\'s crab meat consumption went from 25 pounds per year to 30 pounds per year.
Imagine there are two polluters of a given substance with the following marginal-abatement cost functions MAC1=200-e(1) and MAC2=300-3e(2) where emissions are measured in tons/year and both MAC1 and MAC2 are measure in $/ton. Draw on a graph MAC1...
Illustrate what is the current expected price of the stock. What is the expected price of the stock at Year 6.
Illustrate equations for total income also marginal income (interm of Q). what will be the total revenue at price of $ 70? what will be marginal revenue.
Banking crises crisis decreases depositors' confidence in the banking system. What would be the effect of a rumor about a banking crisis on checkable deposits in such a country?
If the money supply increases, show the three different (simple, single variable) responses to the increase. b. What best describes the response to monetary policy in 2013? c. What best describes the response to monetary policy in 1973?
What is the equilibrium price of a box. Is this the long-run equilibrium price. Expalin how many firms are in this industry when it is in long-run equilibrium.
The decisions of the World Trade Organization in particular have been the subject which has much criticism.
Explain how will reduced smokers affect the GDP in the long and short run. What does increased revenue from cigarette taxes do to the deficit and budget.
What is the labor force participation rate? What was the labor force participation rate in 2008? How has it changed since 2008 and what does this change imply for the state of the economy? Does the labor force participation rate effect the unemplo..
Suppose that the domestic demand and supply for hats in a small open economy are given by-Where Q denotes quantity and P denotes price.
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