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One assumption of the supply and demand model is that all goods that are bought and sold are identical. Why do you suppose economists commonly make this assumption? Does the supply and demand model lose its usefulness if goods are not identical?
Derive total, average and marginal revenue schedules. Explain why your answer to part is an example of marginal analysis and optimizing behaviour in general.
A firm has two plants, one in the US and one in Mexico and it cannot change the size of the plants or amount of capital equipment. This wage in Mexico is $5. The wage in US is $20. Given current employment the marginal product of the last worker in M..
The nominal interest rate
If prices of x and y are doubled while the income remains the same, the budget constraint:
The Bellini Center has scheduled two operas this season: Mozart's Cosi Fan Tutte, and Wagner's Tristan und Isolde. It has estimated that there are four types of customers who regularly attend the center (there is an equal number of individuals of eac..
Why do you think that increases in legal minimum wages have induced restaurant chains. such as Applebee's and Chili's, to have customers use tablet devices for food orders? explain briefly
Use graphs and charts to illustrate and explain the Overshooting Model of Exchange Rate Determination. Use causal chain diagrams and time series graphs to show the time series response of each of the variables in the model.
You have just turned 22 years old, received your bachelor's degree and accepted your first job. Now you must decide how much money to put into your retirement plan. The plan works as follows: Every dollar in the plan earnss 7% per year. You will cont..
What must be true about the price elasticity of demand if your proposal is to achieve its goal of raising revenue? Explain your answer.
A price taking firm chooses its inputs to maximize long-run profits. Labor and capital are substitutes in production and both exhibit decreasing returns to scale, q(L, K) = L^(1/2) + K^(1/2) . The output price is 100 and the price of each of the inpu..
A firm in a perfectly competitive market will produce no output in the short run if the price is below $20 but will produce if the price is above $20. The smallest quantity they will produce in the short run is 6. Firms will earn 0 economic profits i..
A large importing country utilizes a binding import quota to support its domestic price. Suppose this country experiences a 25% depreciation of its currency relative to all other countries. Construct a scenario to show how this currency depreciation ..
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