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Robert Solow reportedly remarked that when Paul Samuelson switched from the field of physics to the field of economics, the average IQ of both disciplines went up. Based on what you know about how marginal changes affect averages, is Samuelson's IQ higher or lower than the average in the field of physics? Is it higher or lower than the average in the field of economics?
Maintenance costs for a small bridge with an expected 50-year life are estimated to be $1000 each year for the first 5 years, followed by a $10000 expenditure in the year 15 and a $10000 expenditure in the year 30. If the maintenance operation is con..
Which of the following might describe the behavior of a firm's cost in the short run? If the MPL rises over a particular range of output, then over that range ____. Whenever the marginal cost curve lies above the average total cost curve, an increase..
Asset intensive firms are very sensitive to increases or decreases in volume. Regulated monopoly industries usually are very concerned with cost reduction because it will lead to higher profits. A primary reason why nations conduct international tra..
Two firms compete in quantities, selling identical goods, facing the demand function P(Q) = 130−q1− q2 where qi is the output level of firm i. Assume that firm 1 is more efficient than firm 2, MC1(q) = 10 and MC2(q) = 20. Find the NE quantities of th..
At the profit-maximizing output a certain monopolist's price is exactly twice as high as marginal cost. What is the elasticity of demand
Determine whether you agree that Singapore merits its number 1 ranking globally in attractiveness for doing business. Why do you agree?
Suppose that Seth's income increases from $400 to $500 per week, causing Seth to increase his purchases of movies from 3 to 4. The income elasticity of movies is:
What are the ways that designers force us to focus on necessary concepts of a play, or how designers force your focus to necessary concepts of the play? and How designers influence your emotions about those concepts?
Describe the current state of the U.S. economy using the two monetary aggregates (M1 and M2) currently published by the Federal Reserve. In your description, illustrate the trends of the two monetary aggregates. . Evaluate what the Federal Reserve Ba..
a. On a graph of the market for low skilled labor, show the effect of the minimum wage on the quanitity of labor employed. b. Explain the effects of the minimum wage on the workers surplus, the firms surplus and the efficiency of the market for low..
Suppose there are two types of shirts available to Carl: red shirts and black shirts Carl is always wiling to exchange three black shirts for one red shirt. What type of preferences is Carl exhibiting? Draw several indifference curves to illustrate C..
An average worker in Brazil can produce an ounce of soybeans in 20 minutes and an ounce of coffee in 60 minutes, while an average worker in Peru can produce an ounce of soybeans in 80 minutes and an ounce of coffee in 120 minutes. Draw fully labeled ..
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