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Describe and explain price and output determinations for firms. How does the change from the short run to the long run for a Monopolistic Competitor? What effect does product differentiation have on the firms approach to price and advertising?
Suppose that Noah and Naomi’s weekly production function is F (L, K) = 10L + K, where L is the number of assembly workers (labor) and K is garage space (capital). What is the general formula for their family of isoquants?
Shane is required by his employer to work a standard eight-hour work day. Suppose his marginal rate of substitution (MRS) for leisure and income is less than the wage rate at this level of work. Comment about the nature of Shane’s employment.
In the first chapter, we are introduced to Ten Principles of Economics. Which of these principles do you observe in your everyday life? -Which of these principles have you never really thought about before? -Which of the principles are you most curio..
illustrates what is a possible analytical tool to study the impact of WTO's trade rule on economic development of SSA?
You have just purchased a municipal bond with a $10,000 par value for $9,500. You purchased it immediately after the previous owner received a semi-annual interest payment. The bond rate is 6.6% per year payable semi-annually. what will be your minim..
Assume that labor supply and labor demand are described by the following equation -labor supply: L=5w -labor demand: L=110-0.5w where w=wage expressed in dollars per hour, and L(s) and L(d) are expressed in millions of workers. find the equilibrium w..
In a perfectly competitive market for coal, consumers’ benefit function from consuming tons of coal , is given by B(Q)= -.25Q^2+240Q In addition, the coal producer has a cost function given by: ?C(Q) =.1Q^2 +2Q. Suppose the government imposes an ad v..
Suppose China produces only trucks and tablets. The resources that are used in the production of these two goods are specialized—that is, some resources are more suitable for producing trucks than tablets, whereas others are more suitable for produci..
Consider what you have learned about the root causes, as identified by leading economic thinkers and policymakers.
Depreciation taken in the third year if the machine is also sold during the third year.
Explain how you would calculate the price elasticity of demand of gasoline? In general terms, explain how consumer and producer surplus will change as a result of this price increase?
A large induced-draft fan is needed for an upgraded industrial process. The motor to drive this fan is rated at 100 horsepower, and the motor will operate at full load for 8,760 hours per year. The motor’s efficiency is 92%. what is the present worth..
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