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How Steep a Supply Curve? Consider two cities, one on a small island, and a second on a large plain.
a. Draw a long-run supply curve for housing for each city, and explain any differences between the two supply curves.
b. If demand for housing increases by the same amount in each city, which city will experience a larger increase in price
Engineering Economics 6th edition, Mountain Pass Canning Company has determined that any one of four machines can be used in one phase of its canning operation. The costs of the machines are estimated below, and all machines have a 10-year life.
A local bank offers a customer a 2-year car loan of $10,000 as follows: Money to pay for car : $10,000 Two years' interest at 7% : 2 x 0.07 x 10,000 : $1400 (11,400 total) 24 monthly payments : 11400 / 24 = $475.00
Now assume that Home has started trading with the Foreign country, which is exactly the same: it has the same demand curve and there is only one firm there that also produces apples at the marginal cost of $4 per kilo.
Keynes rejected the classical notion of Say's law. He argued that under-spending was very likely. Keynes focused on aggregate demand (total spending) as being the key determinant to the level of macroeconomic activity not aggregate supply which wa..
What is trade and down-ward sloping, linear in terms of production?
If your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income (approximately) increase If your nominal income rose by 2.8 percent and your real income rose by 1.1 percent..
what will happen to equilibrium quantity od peanut butter traded in the market after the 30% increase in the price of peanut butter? stay the same, increase, decrease, or not enough information to tell what will be the expected change in the quant..
Based on long years of experience, an instructor in the principles of economics has determined that in her class the probability distribution of X, the number of students absent on Mondays, is as follows: X: 0 1 2 3 4 5 6 7F(x)0.005 0.025 0.310 0.3..
For ATC and AVC, plot the points on the integer: for example, the ATC of producing one tablecloth is 80, so you should start your ATC curve by placing a green triangle at the point (1, 80). For MC, plot the points between integers.
Derive an expression for the firm's marginal revenue curve. b. To maximize profit, how many lasers should the firm produce and sell per month c. If this number were produced and sold, what would be the firm's monthly profit
Julia can fix a meal in 1 hour, and her opportunity cost of one hour is $50. Jacque can fix the same kind of meal in 2 hours, and his opportunity cost of one hour is $20. Will both Julia and Jacque be better off if she pays him $45 per meal to fix..
The bank pays a. 10%, b. 11.25%, per year, compounded annually, on such deposits. What is the maximum fixed amount Mr. Jones can withdraw at the end of each year and still have the funds last for 15 years? Ans: a.$9,203.16; b. 9,869.27
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