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In your own words, and using research sources other than the textbook, distinguish between economic profit and accounting profit. Please cite references
What is the marginal rate of substitution (MRS) and why does it diminish as the consumer substitutes one product for another? Use examples to illustrate.
Consider a firm for which production depends on two normal inputs, labor and capital, that are not perfect complements. Initially the firm faces market prices of w = 10 and r = 8, for labor and capital. These prices then shift to
Consider the marginal cost for a product like Microsoft Windows 8. How does the marginal cost for a product like this differ from a product like automobiles? What relevance might there be to this difference?
In order to maximize net benefits, the managerial control variable should be used up to the point where:
Cyclical unemployment and the natural rate of unemployment are sometimes hard to distinguish from each other, so economists are not very confident about estimates of the natural rate of unemployment. Still, since unemployment rates are consistently h..
Does this firm’s production function exhibit diminishing returns to labor employment? Are labor and capital complements for this firm? Explain. What is the real wage rate paid by this firm? If total factor productivity (A) is 20, how much labor (L) w..
how the United States and the other country differ. Which of the two countries has better prospects for the future and why? Provide a reasoned opinion.
Elucidate why a system of marketable polution permits leads to less costly pollution abatement and a higher concentration of polluted areas tha a command - and control system.
Sets out the aggregate demand and aggregate supply schedules in Japan. Potential GDP is 600 trillion yen. What is the short-run macroeconomic equilibrium.
Indicate how each of the following factors will change the individual demand curve for aspirin tablets: An increase in the price of bottle water (a complement)
Typically, the government would not know the cost of pollution reduction for each firm. If the government decided to reach its overall goal by imposing IDENTICAL pollution reductions on the firms, calculate the reduction made by each firm, the cost o..
What is the different between quantitative easing and inflation? And how can they be explained using the graph of demand V.S supply?
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