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The Case:
The economy of Ethiopia is facing serious problems of unemployment and poverty. To cope up with these problems, Ethiopian president has called the economic advisors to analyze the facts and figures of the economy. Economic advisors suggested that government should decrease the tax rate.
Always Round Tire has a production function of Q = 300 L.75 K.5. In the short run, if L = 250 and K = 25, what happens to the output of tires if L jumps to 300 and then 350. What law does this illustrate?
Define and explain technological advance, and describe how does technological advance enter into the definition of the very long run?
Solve the partial derivative
When a firm focuses on increasing profitability by customizing the firm's good or services so that they provide a good match to tastes in different national markets, it is pursuing A Localization strategy.
Compute the formula for Bob's indierence curves by setting U(C, P) = k for some constant, k, and solving for P as a function of C and explain what this term means economically, and what it tells us about Bob's preferences, and about his willingnes..
Evaluate the MU in the utility functions
Why is income inequality regarded by many people as a form of market failure and describe how tax creditsare used in New Zealand to modify the distribution of income
If we assume that wage differences are caused solely by differences in productivity, how many times more productive was the average worker than a worker being paid the Federal minimum wage?
The demand function for product sold by an oligopolist operating in the short run is given below: Compute the profit-maximizing price and quantity, if the firm operates in short run.
Assume the demand curve for a monopolist is Qd=500-P, and the marginal revenue function is MR=500-2Q. The firm has a marginal and average total cost of $50per unit.
Determine the maximum number of lbs. of butter the economy can produce and
For many corporations, a major portion of the cost of production is fixed in the short run. Should these very large fixed costs be ignored when the executives are making output and pricing decisions?
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