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Suppose that there is a decline in the cost of a unit of capital. In the long run:
a.) What will be the substitution effect of this change on use of capital and labor, and why?How would this be shown on an isoquant diagram?
b.) What will be the scale effect of this change on use of capital and labor and why? How would this be shown on an isoquant diagram? c.)What will be the net or total effect of this decline in the cost of capital on the use of capital and labor?
Do you think Wrigley's will raise or lower their total Revenue by raising prices? Explain your answer using my favorite term - ELASTICITY. If Wrigley raises the price, he will lower their total revenue because in order to increase the total revenu..
what is the concentration ratio for the industry x and y. (number of firm) ----(industry x) ------ (industry y) (1) -----------------------8,750-------- --------1,750 (2) -----------------------7,500---------------- 1,725
What subsidy is necessary to induce the monopolist to produce the socially optimal level of output?
When war broke out in the Middle East, many markets were affected. Most of the worls's oil production takes place in this region and what happens in the market for oil; and (ii) what happens in the market for sports utility vehicles as a result of ..
Innovation lagged in the centrally planned economies because: there was too much domestic business competition. there was too much competition from foreign firms. A positive statement is one which is:
Your firm produces two products, Q1 and Q2. An economic consulting firm has estimated your cost function to be C (Q1, Q2) = 100 + Q1Q2 + (Q1)^2 + (Q2)^2. Are there economies of scope?
A profit-maximizing monopoly faces an inverse demand function described by the equation p(y) = 50 - y and its total costs are c(y) = 10y, where prices and costs are measured in dollars.
The cost for loss of heat from the pipe per meter is $4.8/X1/2 per year. Here, X represents the thickness of insulation in meters, and X is a continuous design variable.
The government make a decision to finance the increased expenditures need to close the GDP gap, by rising taxes. Determine the necessary changes in government spending and taxes to close the GDP gap?
What is the quantity of magazines that needs to be sold per month in order for the operation to break-even and what will happen to that break-even quantity
Law of Demand indicates that there is the inverse relationship between price and quantity, why does it matter which particular mix of price and quantity is selected?
Frederic Bastiat (1801 - 1850) was a French political economist famous for exploding popular economic misconceptions
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