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Austin's auctions conducts online auctions on behalf of clients trying to dispose of liquidated dental laboratory equipment. Some clients wan to keep product information about each of the items guarded as possible so as to negotiate from a stronger prosition. Other provide photoss, detialed assessments as well as a complete maintenance record. Which group of clients receive higher prices and why?
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 for the production of three different quantities of ditc..
Explain how does it affect consumer surplus, producer surplus, government revenue, and total surplus. Is it a good policy from the standpoint of economic efficiency.
What is the equal payment series for 10 years that is equivalent to a payment series starting with $30,000 at the end of the first year and decreasing by $3,000 each year over 10 years? interest is 8% compounded annually.
Summary of main points, lessons learned and recommendations - Create a five page essay
An end-of-aisle price promotion changes the price elasticity of a good from -2 to -3. If the normal price is 10, what should the promotional price be?
Omi and Winant say that race is a social concept, not a biological one. Explain this idea and how it relates to the readings by Brodkin, Ngai, Sethi, Portes
In the long run with free entry and exit, is the price in a market equal to marginal cost, average total cost, both, or neither?
Sam can afford to spend $500 per month on a car. He figures he needs half of it for gas, parking, and insurance. He has been to the bank
If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium.
What happens to employment in a competitive firm that experiences a technology shock such that at every level of employment its output is 200 units/hour greater than before?
The profit in dollars from the sale of x expensive watches is Px=0.03x2?3x+2x0.3?5000. Find the marginal profit when (a) x=300, (b) x=2000, (c) x=5000, and (d) x=10,000.
A firm produces two goods: widgets (X) and woozles (Y). Its profit function is given by: Π = 55X – 2X2 – XY – 3Y2 + 100Y and its maximum output capacity is X + Y = 17. Use the Lagrangian method to calculate the output mix the firm should produce. Est..
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