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In the long run equilibrium, a monopolistic competitor will produce to the point at which A) actual average total costs are at the minimum of possible ATC B) actual average total costs are higher than the minimum of possible ATC C) resources are used at the lowest possible cost D) at the lowest possible price
Suppose a firm’s technology is represented by the Cobb-Douglas production function F(L, K) = 5LK. The wage rate is $50 and the rental rate of capital is $10. What is the least-cost combination to produce 100 units of output?
Illustrate what is the relationship among a firm's total income, profit also total cost?
The price of good 1 is initially at $1, and the price of good 2 is initially at $2, with $24 avaiable to spend. The price of good 2 increases to $4. If Duane’s utility function is U(X1,X2)=min(X1,2X2), then what’s the substitution effect and income e..
According to Global Insight, a Massachusetts economics consultancy, what will happen if oil prices remain in the range of $65 to $70 per barrel for a couple of more months?
Define absolute and comparative advantage in your own words. Elucidate how absolute and comparative advantages were used in your simulation.
A rule of common law takes precedence over a statute. Legislatures have the power to change the law by enacting new rules of common law. Statutes take precedence over rules of common law.
Interest rates on U.S. treasury bills are typically much lower than interest rates on U.S. treasury notes and bonds. If the federal government wants to reduce the interest charges it pays when it barrows money, why doesn't the treasury stop selling t..
The long-run aggregate supply curve is influenced by the price level. The opportunity cost of holding real money balances is the: Economic variables that generally turn down after a recession begins and turn back up after the recovery starts are call..
Differentiate between macroeconomics and microeconomics. What types of economic activities might be included in each category? List the factors that should cause a demand curve to shift to the right. List the factors that should cause a supply curve..
Consider an industry with inverse demand: p (y) = 90 − y where y denotes industry output. There are two firms: firm 1 is the incumbent firm and firm 2 is the potential entrant. Firm 1 can adopt one of two technologies. Suppose firm 1 adopts technolog..
Picture a big shopping mall, but vacant, a property (Super Regional shopping mall) of 154,000 square feet has a market value of $ 14,000,000.00 ($90.58/sf). the property is located in Riverside in the state of California. But it is not so simple, thr..
A city is spending $20 million on a new sewage system. The expected life of the system is 40 years, and it will have no market value at the end of it life. Operating and maintenance expenses for the system are projected to average $0.6 million per ye..
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