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Question: Productive efficiency and allocative efficiency are two concepts achieved in the long run in a perfectly competitive market. These are the two reasons why we call them "perfect." How would you use these two concepts to analyze other market structures and label them "imperfect?"
If rice can be produced using water and seed according to Q = WS, where water, W, costs $3 and seed, S, costs $3, what is the cost minimizing combination of water and seed capable of producing 144 units of rice?
Chris consumes only 2 goods, Suppose his utility function is U(X1,X2)=X1 1/3,X2 2/3, Suppose P1 =$2,P2= $8 and income(I)=$600 I want to know how to do the problem, so I need to see all the steps it takes to arrive at the correct answers for a,b and c..
Politicians are often heard saying that tuition at state universities should be kept low to make education equally accessible to all residents of the state, regardless of income.
Suppose that for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”..
What is the equilibrium level of real GDP? What is the MPC? Suppose net exports increase by $400 billion. What will be the new equilibrium level of real GDP? Use the multiplier formula to determine your answer.
You're the manager of monopoly that sells the product to two groups of consumers in different parts of country. Group 1's elasticity of demand is -2, while group 2's is -6. your marginal cost of producing the product is $10.
Why are some countries today much poorer than other countries? Are today’s poor countries destined to always be poorer than today’s rich countries? If so, describe why. If not, describe how today’s poor countries can catch or even pass today’s rich c..
A plot of the interest rates on default-free government bonds with different terms to maturity is called - The U.S. banking system is considered to be a dual system
On a tropical island there are 100 potential boat builders, numbered 1 through 100. Each can build up to20 boats a year, but anyone who goes into the boatbuilding business has to pay a fixed cost of $19. Marginal costs differ from person to person.
The following table shows the hypothetical monthly demand and supply schedules for cans of macadamia nuts in Hawaii. a. What is the equilibrium price of macadamia nuts in Hawaii?
assume the market price of natural gas is 6.40 per mcf thousand cubic feet and production and consumption of gas are 23
Lesley is a single mother with 2 children. She can earn $10 per hour and can work up to 1,800 hours per year. However, if she does not earn any income at all, she will receive government benefits totalling $18,000 per year. For every $1 of income she..
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