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Suppose the number of points on an economics midterm (P) can be characterized by the following procution function: P=5H-4B; where H is the number of hours spent studying for the exam and B is the number of beers consumed the week before the exam. Does the law of diminishing returns apply to H? to B? What does the typical isoquant look like for such a production function? Is the production function characterized by increasing, decreasing or constant returns to scale? Explain your answers.
Expalin how the actions of a mine operator can spend $5 million to free a trapped miner.
Suppose a monopolist with cost function C (Q) = 3Q selling to 2 segments of consumers where Q is total output produced by the monopolist in both markets. If the monopolist can use a single two-part tariff, compute the two part tariff that will maxim..
Find out an output which maximizes the total revenue. Calculate the price elasticity of demand at this output.
E;lucidate whether each among the subsiquent is an example of an automatic fiscal stabilizer.
The effect of rising energy prices for the economic wellbeing of households and the likely effect of increases in the cost of traditional sources of energy for the energy consumption patterns of Australian households
What is Bill's opportunity cost of producing one hat, In which of the two activities does Mary have a comparative advantage.
In 2001, the U.S. government mailed rebate checks in the amount of $300 or $600 to many households. Discuss what would happen if the U.S. government did the same thing today. Would households spend the extra income or use it to pay down debts
Suppose two high tech companies, X and Y, are the only producers of a new product that is used my numerous computer manufacturers.
Most nation are interdependent where trade is concern. We all depend on each other. Should America aim to be self sufficient in the production of goods and services, rather than depending on other countries for trade.
Describe how the equilibrium in a labor market with a monoposony employer changes if a minimum wage is set at the competitive level.
It is often suggested that the Bank of Canada try to reduce the inflation rate to zero. If we assume that velocity is constant, does this zero-inflation goal require that the rate of money growth equal zero.
Take a stand on whether or not it would be easier for the Federal Reserve to expand the supply of money in a period of prosperity versus in a period of recession. Money must have material backing to have value.
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