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Two countries, Sportsland and Foodland, have similar total quantities of labor, capital, and natural resources. Both can produce two goods, figs and footballs. Sportsland’s resources are particularly well suited to the production of footballs but are not very productive in producing figs. Foodland’s resources are very productive when used for figs but are not capable of producing many footballs. In which country is the cost of additional footballs generally greater? Explain.
If a price ceiling is set below the market equilibrium, what will happen to the quality and future availability of the good.
What is Hans' marginal rate of substitution of C for F when utility is maximized? (To be clear, we mean the value of F in terms of C). Explain.
In their song "Homeward Bound", Simon and Garfunkel talk about a singer on the road who has grown tired of the road. In part they say: Everyday's an endless stream Of cigarettes and magazines And each town looks the same to me The movies and the fac..
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
Neolithic Revolution
Derive the mathematical expressions and determine the level of output where the average cost function reaches a minimum (the firmís capacity).
Consider the following problem: There are two generators in this system and there is a load of 1,000MW. There is only one node in this network.
Suppose Debbie purchases only hamburgers. Assume that her marginal utility is always positive and diminishing. Draw a graph with total utility on the vertical axis and the number of hamburgers on the horizontal axis. Explain how you would determin..
A profit maximizing monopolist is earning a positive economic profit. The wage it pays its workers rises. How will the firms choice of Price and Quanity change in response to the wage increase. Use a diagram in your answer.
In some ways monitoring is easier in a partnership than a corporation, where shareholders monitor directors. In what ways is monitoring easier? In what ways is it not?
Assuming that the merger faces some threats and that the industry decides on self-expansion as an alternative strategy, describe the additional complexities that would arise under this new scenario of expansion via capital projects.
What money supply should the Fed set next year if it wants to keep the price level stable and what is the price level? What is the velocity of money?
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