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Let p denote the price at which a firm sells the good it produces, MPi(x1,x2) the marginal product of input i = 1,2 when the combination of inputs is (x1,x2), and wi the price of input i. If pMP1(5,9) > w1, then should the firm use more or less than 5 units of input 1 in the production process?
What is your expected rate of return over the one-month holding period?
From time to time it has been proposed that a law or constitutional amendment be passed that will force the federal government to balance its budget every year. How would such a requirement affect the conduct of discretionary fiscal policy? Automa..
Microeconomic influences on Wal-Mart in Mexico) in this chapter illustrate the major theme of this text: changes in the macro environment affect individual firms and industries through the microeconomic factors of demand, production, cost, and pro..
a mechanical engineer who is anticipating paying for his daughters college education plans to start depositing money
The cost function for gumballs is given by TC = q(2v+w), where q is the output of gumballs (in thousands), v is the hourly rental rate for gumball presses, and w is the hourly wage.
Given this information, what can you say, if anything, about the change in inflation in these two economies? Specifically, what happened to t (relative to t-1) in these two economies? Suppose tA ?t-1B. Given this information, ..
Explain what is different between firms in monopolistic competition and firms in oligopoly. What does this difference mean for prices and quantities and for economic profit?
State the Law of Supply. Why do the supply curve slopes upward? State the Law of Demand. Why do the demand curve slopes downward? Explain why normal profit is an implicit cost (i.e., subtracted from accounting profits) in our definitionof economic tr..
A number of stores offer film expanding as a service to their consumers. Assume that each store that offers this service has a cost function C(q)=50+0.5q+0.08q2 .
The only DVD rental club available to you charges $4 per movie per day. If your demand for movie rental is P=20-2Q, where P is the rental price and Q is the quantity demanded, what is the maximum annual membership fee you would be willing to pay to j..
Write down some of the characteristics of perfect competition. Which kinds of industries come closest to perfect competition in the real world?
in class we covered the concepts of producers and consumers surplus.a. with respect to different government policies
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