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Digital technology, including new software developments is essential for many organizations to function in the modern world. Although there is a variety of technology available, there does not seem to be an industry standard. Select what you feel are the two most important elements of the seven major components of IT infrastructure and discuss what role each component serves and why it is important.
For the closed-economy, one-period model, suppose that U (C, l) = min (C, β × l), and F (K, N) = αK + δN, where β > 0, α > 0, and δ > 0. Determine consumption, employment, output, leisure, and the real wage in a competitive equilibrium, and explain y..
When a country, say Greece, adopted the Euro as its currency, what happened to the debt that was based on the Drachma? Was it converted into Euros? National level or aggregate level data and firm-level data are self explanatory. I have seen certain p..
When transaction costs are low enough, efficient resource allocation will follow regardless of the particular assignment of property rights. When transaction costs are high enough, efficient resource allocation requires assigning property rights to t..
An economist estimated that the cost function of a single-product firm is: C(Q) = 120 + 20Q + 25Q2 + 10Q3. Based on this information, determine the following: The fixed cost of producing 10 units of output. The variable cost of producing 10 units of ..
The equilibrium price of coffee mugs rose sharply last month, but the equilibrium quantity was the same as ever. Three people tried to explain this situation. Which explanations could be right? Explain your logic.
If the number of trucks (K) decreases by 10% next year, how much will output (Q) decrease? What type of returns to scale is consistent with the above production function?
Elucidate how the strength of the economy as a whole could affect the marginal benefits also the marginal costs associated with a decision to purchase a home.
What are some of the concerns expressed by the public regarding proposed health care changes? How is this an example of fiscal policy decision-making?
What value of price elasticity of demand for electricity is assumed by people who draw the vertical demand curve? What evidence from the new York experiment is consistent with this hypothesis? What evidence is inconsistent?
In a town of 120,000 potential "football fans," the football team draws the following attendees per game, at the various prices shown: If the team can charge ANY prices it wants (including different prices to men and women), what price(s) should it c..
Explain the elements of the estate tax formula. Describe the interplay between gift and estate taxes. Describe strategies to minimize estate taxes. Explain the generation-skipping transfer tax and its relationship to gift and estate taxes.
Which of the theories of comparative advantage could explain why the United States exports computers to Japan at the same time that in imports computer from Japan? Explain?
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