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A firm has the production function y = x1 + min{x1, x2}.
(a) Draw three isoquants for this firm.
(b) Does this firm have constant returns to scale?
(c) Suppose the firm is operating at the point x1 = 10 and x2 = 5. What is the marginal product of x1? What is the marginal product of x2? (d) What are the marginal products of x1 and x2 at the point x1 = 5 and x2 = 10?
A young physician makes $180,000 per year with an annual salary increase of 2%.
In addition categorize the level of elasticity of a product or service of your choice from real life depends on what you know happens to the percentage change in quantity demand when the price changes.
The government often intervenes when private markets fail to provide an optimal level of certain goods and services. For example, the government imposes an excise tax on gasoline to account for the negative externality that drivers impose on one anot..
Economic profit is the difference between a firm's total revenue and its. What is the difference in profit maximization between the perfect competitor and all other types of firms?
What are the effects of taxes on price level? Why?. In your opinion, do taxes lead to efficiency or inefficiency?. How does a free market eliminate a surplus?
Assume that neither country experiences population growth nor technological progress as well as that 5 percent of capital depreciates each year
Explain four macroeconomics objective from conventional perspective
Using a supply and demand diagram and a "tax wedge," show whether the buyers or the sellers will bear the bigger burden of a soda tax. Please actualy draw the supply and demand diagram for a full rating!
One reason for Anti-Trust laws is that economic concentration of power (Monopoly or oligopoly) comes with concentration of political power.
Define ex,I and ey,I to be income elasticities for goods x and y. Define sx and sy to be income shares for x and y.
Mike finds a Coke machine in an abandoned part of town and is extremely thirsty. The Coke machine requires exact change - two quarters and a dime. No other combination of coins will make anything come out of the machine.
Identify the IP rights that are owned by an organization you currently or formerly have worked at. Next, explain which intellectual property appears the most difficult for a business owner to protect.
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