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(a) For the production of the type Q = 2K + L with wage rate w = $1 and price of capital (rental rate) v = 1, the expansion path is K axis. Do you agree?
(b) If any firm experiences increasing returns to scale in a perfectly competitive industry then the industry cannot remain perfectly competitive. Do you agree?
(c) The most efficient scale production is where AC = MC. Do you agree?
(d) Isoquants cannot be positively sloping. Why or why not?
(e) When the quantity of a good is fixed (e.g., Rembrants paintings) the supply curve is always perfectly inelastic (i.e., vertical). Do you agree?
Give an example of an event or incident that has taken place in the U.S. economy which has a major economic impact--be specific, e.g., 9/11 attack, natural disaster, rise or fall in oil prices due to OPEC policies, consumer optimism or pessimism abou..
The business cycle is measured in terms of changes in real Gross Domestic Product and is associated with changes in the unemployment rate. The financial performance of most industries is affected by the business cycle, although not equally. Consider ..
when it comes to global expansion and setting up affiliates aboard how is a service companys focus different from that
Outline the First and Second Welfare Theorems and their implications for the role of government. How can we use them to analyse the trade-off (if one exists) between efficiency and equity?
Illustrate graphically the effects of both policies on the market for cigarettes. In your discussion answer the following: Are these two programs at odds with the goal of reducing cigarette consumption?
Paper currency is the most easily recognized form of money. How well does paper currency serve the functions of money if we have an inflation rate of 50-percent per year?
Two hundred paper mills compete in the paper market. The total cost of production (in dollars) for each mill is given by the formula TC = 500Qmill + (Qmill) 2 where Qmill indicates the mills annual production in thousands of tons. The marginal cost o..
Read the opening case on Boeing 787s, and research for the updated information on the Boeing 787s. Identify the pros and cons of assembling a plane with many different parts and manufacturers as Boeing did with the 787. Assess whether Boeing’s approa..
What criteria would you apply to determine where such a policy is or is not successful. Judging from your own stated criteria, was Japan's exercise successful. Why or Why not.
What product characteristic refers to the situation where consumers place higher value on a product if other consumers also use it?
q.smith and jones are stranded on a desert island. each has in his possession some slices of ham h and cheese c. smith
Consider two firms, located at each end of a street of length 1. There are customers uniformly distributed along this street. Customers incur transportation costs TC = 2x2, where x is the distance they need to travel in order to purchase the product...
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