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The concise definition of economics is the study of choice under scarcity. Let's use this concept to analyze a recent decision that you made. Should we only evaluate monetary costs, or are there other non-monetary costs we must consider? The foundation of the production possibilities curve is opportunity cost. Define both the production possibilities curve and opportunity cost. Please tell me how opportunity cost relates to the PPC. (No Google reference or copy and paste. Please Explain)
Suppose the long-run total cost function for any firm in an industry is given by the cubic equation. TC=a+bq+cq^2+dq^3. Show (using calculus) that this total cost function is consistent with a U-shaped average cost curve for at least some values of a..
The price elasticity of demand for a particular cancer drug is equal to zero and the price elasticity of supply is equal to 0.50. If a $1 excise tax is levied on producers, how much of this tax will eventually be paid by consumers?
1. consider a resource whose net growth in biomass x each year fx is given by a logistic growth function where r.1 and
it is estimated that the annual heat loss in a small factory is 12000. proposal 1 will reduce the heat loss by 68 and
Environmentalists discuss that trade liberalization harmful for the environment. The decisions of World Trade Organization in particular have been subject of much criticism.
youre biomeds resident economic expert. harry the ceo is asking you to complete a time-sensitive project that another
A manufacturing plant has a potential production capacity of 1000 units per month. the plant is normally operated at about 80% of capacity
What total output must the cartel produce in order to maintain this price and to what output will an individual firm be restricted if this price is to be maintained?
Suppose that Total Revenue = 100Q and Total Cost = 30 + 50Q where Q, the quantity sold, is a random variable with expected value 20 and variance 4.
Explain the three types of goods: search goods, experience goods and credence goods. What type of advertising would firm’s likely use for each type of good and why? Explain how a monopolist can increase profits by price discriminating. What are the c..
john barks owns barks computer screens inc. and wants to identify the supply and demand for screens in his market. the
Assume consumers expect a recession to begin in the next few months. They might react by trying to save more in case they are laid-off or have to work reduced hours. Under these circumstances
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