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Economic analysis is often viewed as the science of rational decision making in a world of scarce resources. We need to think rationally because we live in a world where resources are limited but where people's wants are unlimited. There is not enough money, time, or things to completely satisfy everybody. What can we do to get the most satisfaction out of our limited resources? What are the issues and the recommendation?
From the e-Activity, determine the environmental variable most likely to affect the short-run production over the next 12 months. Determine what managers can do to prepare for the possible change in short-run production.
Use the following FOC for schooling in the simplified model: f'(s) = r(f(s)+c(s)), in which s is total time in school (e.g., years of school attained), f(s) is the adult wage while working, and c(s) is the direct cost of school (tuition, transportati..
Suppose production function for noodle soup at Slurping Turtle is Q =4k^1/2 L^1/2. They currently own 4 units of capital and are not able to change this during the short run. The rental rate of capital is $10 and the wage rate is $20. What is Slurpin..
If the price of a product decreases, we would expect: "Price" in the statement of the Law of Supply refers to: A decrease in demand and an increase in supply will: When producers (say, of roads) are not able to make all consumers pay for enjoying the..
Describe the long-run effects of patent expiration on prices, output and profit in a monopolistic industry.
An article in the Chicago Tribune stated that in 2007, college costs rose faster than inflation and student aid. A report by the College Board found that average in-state tuition and fees at four-year public universities rose 6.6% to $6,185. What was..
The owners decide to begin spending immediately a rather large sum on advertising designed to decrease elasticity.
Product Y can be sold at a profit if $100 per unit, and product K can be sold at a profit of $25 each.
Discuss in detail any two supply-side policies and how they are supposed to work, and describe more generally the supposed benefits and disadvantages of supply-side policies as opposed to expansionary demand management policy options
Farmer Brian has 3 acres of land which he farms efficiently. Each acre can support 20 apple trees. However the 3 acres differ in their ability to support orange trees. what would be the opportunity cost of growing another apple tree?
Irene’s Dairy is deciding whether or not to enter the market for ice cream, currently monopolized by Mattie’s Ice-cream. If it enters the market, Mattie’s can either accommodate him and share his 10million in profits equally with Irene or fight him a..
Suppose a firm takes two inputs, labor and capital, as perfect substitutes. In addition, this firm can substitute one labor for one capital. If wage is $2000 and rental rate for capital is $3000, what is the optimal labor and capital usage for this f..
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