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Define explicit costs and implicit cost. Give two examples of each. What is included in an economic profit? what are some explicit an implicit costs of attending college? what about owning a business?
What is the central idea of mercantilism? Explain how this central idea was illustrated by the mercantilist period of history and how it compares to neomercantilist policies being used today.
What is the relationship between economies of scale and a natural monopoly? Why is the level of output at which marginal revenue equals marginal cost the profit-maximizing output?
Your company has just signed a three- year non renewable contract with the city of New Orleans for earthmoving work. You are investigating the purchase of heavy construction equipment for this job. The equipment cost $200,000 and qualifies for 5 year..
question 1. pick a country and talk about the products they import and export with the u.s.a. also talk about the
Is there a relationship between changes in productivity and the education level or the percentage of people attaining a particular level of education as hypothesized in economics?
Based on the strategic group map in Concepts & Connections 3.1, who are Nordstrom’s closest competitors? Between which two strategic groups is competition the strongest? Why do you think no retail chains are positioned in the upper right corner of th..
What is the efficient production for this firm?
Derive the LM curve when the money supply increases by 500. Derive the LM curve when money supply decreases by 10%. Find the value of money demanded when income Y = 15,000 and interest rate R = 5. Is this equilibrium? Why? Why not?
What is adverse selection? How do these two concepts relate to the market for insurance and healthcare?
United States and other industrial economies have gone through periods of fluctuations in real GDP, employment, and the price level. Given the current trend of these metrics in the US, how will you describe the stage of the US economy in business cyc..
how many standard errors it is away from zero. If it is not very far from zero n we might ignore it; if it is far away from zero n we might consider it important. But how far is ‘far'.
Tom consumes positive quantities of both jam and juice. the price of jam is 5 cents per unit and the price of juice is 10 cents per unit. Her marginal utility of jam is 10 and her marginal utility of juice is 55. Without changing her total expenditur..
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