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Prove the following statements.
a. For a univariate production function, the marginal product always intersects the average product at the maximum of average product.
b. In a two-commodity world, goods X and Y cannot be luxury goods at the same time.
Price discrimination is more likely in the case of services than in the case of goods because. The demand curve facing a monopolist is
You work for a newly elected federal-level senator who asked you to prepare a briefing on why socialized medicine has not been the government.
A firm's production function is qi = 0.2*Ki^(0.6)Li^(0.4). The wage rate in this area is w = $15, and the cost of capital is r = .05. Find the firm's short run cost function, if Ki is fixed at $100,000. If the good is exported around the world at a p..
What were the elements behind the successful acceleration of industrialization after 1865. What were factors that caused ex-slave states in the south lag behind the north in participation in this acceleration of industrialization?
What is Meta-Data, and how is this different or similar to traditional concepts of data? Read the "Big Data" article by Mayer-Schonberger/Cukier and discuss the positive and negative aspects, and the possible ethical implications of mining big dat..
Suppose that in a year an American worker can produce 100 shirts or 20 computers and a Chinese worker can produce 100 shirts or 10 computers. Who has the comparative advantage in the production of shirts? What about for computers?
On December 12 of 1980, Apple Computer sold shares in an initial public offering (IPO) for $22 per share. Since then, the stock has split 2-for-1 three times: June of 1987, June of 2000, and February of 2005. If you bought 100 shares at the IPO and s..
What will the sustainability movement look like over the next 20 years? What issues do you expect to take center stage? How will business respond?
One of the current trends in the business environment is the shift in many organizations to a group based or team based organizational structure. Why is this happening? What do you think are some potential pros/cons of implementing this type of chang..
Imagine an island economy that is periodically struck by an epidemic disease that affects only children. From past experience the islanders found that the disease strikes randomly, affecting 80% of all children. What is the (laissez faire) market sol..
A market with barriers to entry may not be characterized by production at the minimum ecient scale in the long run. The Diamond-Mortensen-Pissarides model successfully explains the phenomenon of unemployment, while competitive market models ( earlier..
Explain the labor supply incentive effects of an increase in the hourly wage of an individual currently working for wage income.
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