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Market equilibrium
a. Describe the process by which the market for capital and the market for land reach equilibrium. As part of your description, elaborate on the role of the stock of the resource versus the flow of services from the resource.
b. When we consider all factors of production, such as labour, capital, and land, how can we find the market equilibrium? How do the changes of supply of one factor of production affect the use of other factors of production?
c. In 2014, the dangerous Ebola virus entered Canada when a Canadian resident returned to Canada after contracting the virus while visiting Liberia. Suppose this virus had not been contained, and had spread to the general population. Describe the resulting effect on labour productivity. (Assume that the virus is lethal in half of the people who are exposed to the virus.)
The equation for a demand curve is P = 48 – 3Q. Calculate the elasticity when moving from a quantity of 5 to a quantity of 6? Show your work. Based on your answer, is this segment of the demand curve elastic or inelastic?
Zack quits his job at a consulting firm, which pays $40,000 a year, to enrol in a two-year graduate program. His annual school expenses are $30,000 for tuition, $2,000 for books, and $600 for food. What is his opportunity cost of attending the two-ye..
Which of the following are reasons that economists use to explain the decrease in the natural rate of unemployment between the 1980s and the early 2000s in the United States? the aging baby boomer generation is at an age when they are more likely to ..
Assume that the market demand in an industry is: P(Q) = 1 – Q, and that the cost functions of the firms are Ci(qi) = 0.5 qi + F, for all the firms i = 1, 2,…n, where m
What is meant by "Above-Average returns" Understanding what this concept means in everyday business operations is very, very important
What is the important difference between the current account and the capital account, given that the sum of the two values must equal 0?
The city of Econville has three bookstores on the Main Circle that is 1 mile long. The bookstores have no costs. The distance between any two neighboring stores is the same and equal to 1/3 miles. There are 100 residents uniformly located along the M..
For an annual market interest rate of %9, calculate the economic life of the machine. Show the results of your calculations on a graph.
The principle of utility involves maximizing happiness as a desirable outcome of decisions. Although it does not get directly said, there is an inverse intention to minimize the undesirable outcome of disaster. Utilitarian decisions are directed towa..
An engineering student must decide whether to pay for auto insurance on a monthly or an annual basis. If paid annually, the cost is $1650. If paid monthly, the cost is $ 150 at the start of each month. What is the rate of return for buying the insura..
A manufacturing is considering upgrading a piece of equipment. If a certain upgrade helps reduce operating costs by $750 per hour of use, and the upgraded equipment will be used on average 8 hours per day, what is the expected annual savings of upgra..
Although successfully positioning a new product in a well-established market may seem difficult, Method Products shows that it is not impossible (Kotler & Keller, 2012). Keeping in mind the international legal environment, find an article using the o..
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