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A firm faces a demand where q=20-P. q is quantity demanded, P is price. Its total cost function is TC = 2q^2 + 2q + 20. How many should it produce to maximize profit? What is the price it charges to its consumers?
Find the equilibrium level of GDP demanded in an economy in which investment is always $300, net exports are always -$50, the government budget is balanced with purchases and taxes both equal to $400, and the consumption function is described by the ..
first assume that all us produced wheat is consumed domestically and there are no wheat imports. next assume that the
Find outing relate to economist's traditional focus on Illustrate what people do, rather than Illustrate what they say they will do.
Explain the connection between the vertical long-run aggregate supply curve and the vertical long-run Phillips curve.
One of the elements of risk is uncertainty. Which one of the following best describes the type of uncertainty that risk involves? Risk can be classified as pure or speculative. Which one of the following is the best example of a speculative risk? Whi..
In macroeconomics from williamson (4th edition) in chapter 11, it says that demand for credit is R=q (totally elastic), but in williamsons notation, R is in nominal terms and q in real terms. Isnt that mistaken? shouldnt it be r=q? (r=real interest r..
If LFC sells chicken and biscuits as a meal deal, what price would be set for the meal deal which comprising both an order of chicken and an order of biscuits
A consumer must divide $600 between the consumption of product X and product Y. The relevant market prices are Px = $10 and Py = $40. a. Write the equation for the consumer's budget line. b. Illustrate the consumer's opportunity set in a carefully la..
Explain how will the bank respond to the withdrawal. Suppose that the bank responds to insufficient reserves by reducing the amount of deposits it holds until its level of reserves satisfies its required reserve ratio.
q1. since the gdp is a total market value of final goods and services produced within a country over time. why is this
The demand schedule for new hires with le bac and the supply schedule for similarly credentialed new job seekers are given in the accompanying table. Elucidate the currency used in France-is the same as the yearly wage.
This is a point I find very confusing and very hard to justify to students. Depending on the books, one finds many different conventions regarding the sign of elasticities and marginal rate of substitution (MRS). Some define them taking absolute valu..
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