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In many poor countries even middle class families may have full time servants, a luxury reserved for the very wealthiest households in rich countries like the U.S. How does the existence of low cost domestic help affect PPP-adjusted GDP statistics in poor countries?
A large city in the mid-West needs to acquire a street-cleaning machine to keep its roads looking nice year round. A used cleaning vehicle will cost $75,000 and have a $20,000 market (salvage) value at the end of its five-year life. A new system with..
Price elasticity of demand is 1.5 and a firm raises its price by 20 percent the quantity sold by the firm will ceteris paribus.
Markets often produce results that are economically efficient which allows society to get the most use from scarce resources. What is the relationship between benefits and cost when this occurs? Why is price the critical factor insuring this result?
mission or vision and processes of the school/ISD?
Say your consumption bundle consisted of beer and wine. Wine cost $20 and beer cost $5. Construct a budget line for the all possible consumption bundle for beer and wine if your budget is $100. One a new grid construct another budget line for a budge..
Because you are not an expert yet on analyzing costs and optimal production levels, you decide to do a very simple analysis of your short-run fixed and variable costs if you expand.
A medical device company has a monopoly on a certain class of cardiac implants. Demand for the implants is given by P=28000-5Q and marginal revenue is given by MR=28000-10Q. The total fixed costs for the implants division is 50000 and the marginal co..
Singapore has a system of traffic regulation called Electronic Road Pricing, in which traffic congestion is reduced by charging motorists who drive into the city center during certain hours of the day. Charging for use of a road is shifting from a th..
Problem: Consider a monopolist who has a constant marginal cost of MC = 20. Find the profit-maximizing quantity and price if the inverse demand curve is P = 620 - 25Q.
Which of the following is an example of productive inefficiency?
Given the market for wheat in equilibrium, assume that the government imposes a price floor on wheat. Explain what happens to the market for wheat as a result of this action? Draw and graph to fully illustrate the situation.
Consider an economy in which people wish to hold money balances worth a total of 5 million goods. They are indifferent between money issued by the central bank and money issued by private banks. Suppose the central bank pays no interest on its money ..
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