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1. Contrast the market demand/supply curves and the individual firm's labor supply/demand curve in a perfectly competitive labor market. How does the law of diminishing marginal returns affect a firm's demand for labor?
2. Your decision to pursue a higher-level degree is based on investment in human capital. What are the marginal costs and benefits of pursuing additional education and the inherent risks associated with this decision?
You are employed as a business consultant to a Senator. She heard the association in unemployment rate and economic growth, and asks you to find the relationship so that she could propose a policy to decrease the unemployment rate.
Draw the PPF. If new technology in computer production is invented and adopted, what will happen to the PPF. Find the opportunity cost of first 4 units of computer.
Over the past 3-years, as the result of reducing values for digital cameras, the price of developing traditional 35mm film has increased 5 percent yearly.
What is your price elasticity of demand for gasoline and why? How important is fuel efficiency to you (particularly if you have purchased a car in the past three or four years)? Do your driving habits change as the price of gasoline changes?
Suppose that Hump Ridge Company produces and sells two products, x and z, and that its total cost is given by-What does λ equal? What does it mean?
Illustrate what is the difference among National Income, Gross National Product, and Gross Domestic Product? Why do most countries now use GDP as a measure of national output?
An analyst is trying to determine the net social benefits generated by the city's public swimming pool. At the current admission price of $1.00, 400 individuals visit the pool annually. The total cost of the pool is $800 annually. Thus, the pool r..
What money supply must the Bank of Canada set next year if it wants to keep the price level stable? What money supply must the Bank of Canada set next year if it wants inflation of the ten percent?
A local hardware store is trying to decide whether to stay open. They have found that their industry is extremely competitive and profits have shrunk considerably. Knowing that you have taken an economics course the owners have asked for your opin..
Assume that a given set of resources can be used to make either handbags or wallets. The MC of a handbag is $19 and MC of a wallet is $10.
A firm's marginal cost of production is constant at $5 per unit, and its fixed costs are $20. Draw its total, average variable and average costs.
As a manager of chain of movie theatres which are monopolies in their respective markets-Devise a pricing strategy to maximize your firm's profits.
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