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A company estimates its annual expenses, Y, in dollars from Y = 0.235X^2+7X+4 and annual revenue in dollars from 0.215X ^2+ 16X where X is annual units sold. Find the value of X that gives maximum profit. Round to nearest integer
In economic terms, when the wage rate increases we sometimes see the number of hours worked by individuals decrease now.
Illustrate the effects of monetary policies on the economy's production and employment.
Assume that health production is subject to diminishing returns and that each unit of health care employed entails a constant rate of iatrogenic (medically caused) disease. Expalin why would the product of health function eventually bend downward.
Choose three of the most effective alternative methods of government finance. Provide a rationale for your choices by explaining why they are the most effective methods, and analyze their impact on the economy.
Find the optimal crude oil allocation for the following example if the profit associated with square foot of fiber is cut to $0.375,
Suppose a consumer's preferences can be described. Derive the customer's marginal rate of substitution at the point.
Compute the price of a bundle containing 100 units of good X, 150 units of good Y, and 25 units of good Z.
Compare these results to those predicted by the equilibrium business cycle model developed by Barro throughout the text.
Explain why the food stamp program can have the same effect on the consumption pattern and well-being of recipients as an outright.
If it causes output to increase by more than 10 percent, production function is said to exhibit increasing returns to scale. Why might a production function exhibit decreasing or increasing returns to scale.
Quantity of pizzas demanded soared following week from 1 pie an hour to 100 pies an hour. What was price elasticity of demand for Domino's pizza.
Calculate firm 1's profit-maximizing output and profits in the absence of potential competition and calculate the output and profits of both firms in case firm 1 accommodates entry.
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