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Mrs Seigal has two alternative activities to help relieve her backache. In the first, she can visit a physiotherapist. The total time for physioterapist visit, including travel and waiting, is two hours. Mrs Siegal earns a eage of $20 an hour. Physiotherapists charge $50 per visit, and Mrs Seigal does not have any health insurance. As a second alternative, Mrs Siegal can take pain killers. Each pill costs 50 cents, and Mrs Seigal needs to take 30 pills per month. The two treatments are not equally effective. The physiotherapy visits yield 10 additional healthy days per month, while the pills yield 6 healthy days.
a. If Mrs Siegal can only choose one alternative, and if she wants to maximize the most healthy days per dollar that she gets, which option will she choose?
b. If the price of a pill ncreases to $3, which option will she choose?
A monopoly firm is different from a competitive firm in that there are many substitutes for a monopolist's product while there are no substitutes for a competitive firm's product or else.
scenariothis course uses the ctu professional learning model to teach with hands-on industry-related problem-solving
Illustrate what are some of the traditional international trade theories that support the concept of globalization.
You are a manager in a perfectly competitive market. The price in your market is $14. Your total cost function is C(Q)= 10 + 4Q + .5q(squared). What is your max profit in the short run?
Elucidate and distinguish between the concentration ratio and the HHI. What ate the limitations of these measures within the context of the pharmaceutical industry.
You are cultivating a strain of E. coli for research and inoculate a flask of rich media with 50 cells. Assuming an exponential growth rate of 2.5 cells/hour and that you need 1,000,000 cells for your analysis, how long will you need to culture t..
Explain how does the marginal price for a product like this differ from a product like automobiles. What relevance might there be to this difference.
Suppose as well, that all voters favoring liberal candidates will vote, while only 50% of those favoring conservative candidates will vote. Create a graph to show how the political equilibrium will differ from an election in which all citizens vot..
To what extent would increased government involvement with regard to fuel efficiency affect the behavior of manufacturers? To what extent would increased government involvement with regard to safety affect the behavior of manufacturers? Does it seem ..
Determine what are some of the sources companies can turn to for venture capital funding?
Recall that money serves there functions in the economy. What are those functions? How does inflation affect the ability of money to serve each of these functions?
Calculate the Life Cycle Cost of failing your year. Assume 0% inflation and a working engineering career estimate of 30 years. Assume that you will make $125,000 during your 30th year of work.
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