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In an economy the activity of digging holes in the ground is carried out by self-employed labourers (single-person firms). The production of one standard- sized hole requires a minimum input of one unit of labour. No self-employed labourer can produce more than one hole. 1. Draw the technology set Q for a single firm. 2. Draw the technology set Q for two firms. 3. Which of Axioms 6.1 to 6.6 are satisfied by this simple technology?
Compute the profit maximization level of activity. Compute total revenue, total cot and profit or loss at profit maximization level of activity. Compute elasticity of demand at profit maximization. Compute the breakeven level of activity.
suppose that due to whatever reason reserve demand changes and you forecast the reserve demand to now be rd 270 - 30
Suppose the production of a certain quantity of a good has a certain cost. Can you think of a situation in which producing more of the good costs less?
Your company, EconCo, has just been hired by a foreign company that is trying to open a new manufacturing plant in the United States. Because of the overload in work by the staff,
Suppose that you are a consultant to a firm that publishes books. Suppose that the firm is about to publish a book that will sell for $24 a copy. The fixed coat of publishing the book are $7200, the variable cost is $18 a copy. What is the breakeven ..
explain two possible challenges you might face when applying for this funding. Finally, provide one strategy for how you might overcome each challenge.
What are trade remedy laws and how do they attempt to protect U.S. firms from unfairly traded goods - what are some examples of international commodity agreements? Why have many of them broken down over time?
Consider the following "true" (Cobb-Douglas) production function: ln Yi = α0 + α1 ln L1i + α2 ln L2i + α3 ln Ki + ui - Will E(βˆ1 ) = α1 and E(βˆ2 ) = α3 ?
suppose that the trade pattern of a country is that it exports foodstuffs and imports fancy sports equipment. can you
Suppose the cross-price elasticity of demand between goods X and Y is -5. How much would the price of good Y have to change in order to increase the consumption of good X by 50 percent?
Which one is more effective comparing with the tools of fiscal policy?
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
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