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Long-Run Supply Curve of Lamps. Suppose each lamp manufacturer produces 10 lamps per hour. Complete the following table. Then use the data in the table to draw the long-run supply curve for lamp
Mr. Smith has a weekly income of M = $24. Initially the prices of X and Y are both $2/unit and Mr. Smith buys 6 units each of X and Y each week, a bundle on indifference curve I0. Then, ceteris paribus, the price of X increases to $4/unit, with th..
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
Which of the following statements about poverty rates is not true?
Why is it desirable for a country to have a larger GDP? Give an example of something that would raise GDP and yet be undesirable.
Is it legitimate to impose higher safety standards on imported goods than exist in the foreign country where the goods were produced?
Explain how a Federally funded project might be wasteful from a national perspective, yet still be highly beneficial for a specific city or state.
In China, it takes 100 hours to produce 1 digital camera or 4 hours to produce 1 lb. of wheat. In S. Korea, it takes 60 hours to produce 1 digital camera or 3 hours to produce 1 lb. of wheat. What is China's opportunity cost of producing one pound of..
Evaluate whether management's controls operated effectively.
A business magazine is available for $58 for 1 year, $108 for 2 years, $153 for 3 years, or $230 for 5 years. Assume you will read the magazine for at least the next 5 years. For what interest rates do you prefer each payment plan
Do these utility functions exhibit diminishing marginal utility of X Explain. For each utility function, calculate the marginal rate of substitution of good X for good Y (i.e. -marginal value of X, measured in units of good Y) associated with the bun..
ABC Corporation's recently issued bonds paying interest semiannually and maturing in 10 years. The face value of each bond is $1000, and 6.8% is the nominal interest rate. (a) What is the effective interest rate an investor receives.
how total revenue will be impacted by the increase in price?
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