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Explain to a martian what eigenprices are, assuming no academic economic knowledge or understanding of mathematical symbols.
Illustrate their standing in current economic theory and their application or lack of application to contemporary economic problems now facing the world.
a. Explain the decision process for a firm trying to determine the optimal quantity of a factor of production to employ. b. Explain the determination of the optimal level of pollution frrom the perspective of society.
If a price ceiling is set below the market equilibrium, what will happen to the quality and future availability of the good.
Two small airlines provide shuttle service between Las Vegas and Reno. The services are alike in every respect except that Fly Right bought its airplane for $500,000, while Fly by Night rents its plane for $30,000 per year. Analyze fixed costs, Ma..
How can we measure the opportunity cost of producing a good? Using a bowed outward production possibilities curve between ice cream and hammers, identify graphically the opportunity cost of obtaining an additional hammer.
Consider the price-taking firm in competitive industry for raw chocolate. The market demand and supply functions for raw chocolate are estimated to be
Assume that a union's target is to maximize total wage income received by union workers, namely, the average union wage times the number of union workers employed.
• Identify an industry that the Internet has transformed or destroyed. • Then think of a new industry that the Internet has created. • What are the reasons behind the changes
If a country is currently producing 11 units of health care and 16 units of education. what is the opportunity cost of producing 5 more units of education?
Since consumers' tastes are changing so rapidly, there is no reason to expect that statistical demand estimates derived from historical data will be accurate in the future.
The average total cost of operating a clinic is $800 per patient if the volume is one hundred patients, and $790 each patient if the volume is 110 patients. Find the total cost at each of these two volumes?
What motivated the producers of all the individual products in the store to make them and offer them for sale How did the producers decide on the best combinations of resources to use Who made those resources available, and why How does the market..
Suppose that after graduation you take a job with an employer that oers to pay full tuition for employees wishing to return to school to get an MBA degree during non-work hours. You are not required to continue working for the rm after getting yo..
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