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Draw three graphs that shows a perfectly competitive firm in three stages of profit, loss, and break even. Explain the reason for each position the firm might have? Profit , Loss, Break-Even.
Explain why, even though free trade may be good for the economy, we still have trade barriers (tariffs, quotas, regulations, subsidies, etc.) Relate your answer to the Stolper-Samuelson theory and the concept of “specific factors.”
A firm has a production function represented by: q=L^(.75)K^(.25). Find a function for how much capital and labor a firm should hire to produce a given level of production in terms of the price of labor, w, and the price capital, r.
Illustrate that there are any extra costs or benefits due to this shift.
FDA assures that pregnant women are enrolled in investigational drug trials before a product is used when there is substantial use in women. FDA has the authority to stop the distribution of an approved drug until studies are done in pregnant women.
If the demand for money depends positively on real income and depends inversely on the nominal interest rate, what will happen to the price level today, if the central bank announces (and people believe) that it will decrease the money growth rate in..
Under the responsibility scheme proposed by the Hong Kong government, households will be charged for solid waste disposal. Is this charge justifiable from an economics point of view? Are common resources public goods? Why?
q1. why do proponents of active policy recommend government intervention to close an expansionary gap? briefly
a profit - maximizing industry in a competitive market is currently producing 100 units of output. Illustrate what is average variable cost.
Graph the Demand, Marginal Revenue, Marginal Cost, and Average Total Cost curves. What are the equilibrium price and quantity for this monopolist if it charges a single price to everyone? How much profit does the firm make? Show on the graph whether ..
An item is up for auction. Player 1 values the item at 3 while player 2 values the item at 5. Each player can bid either 0,1, or 2. If player i bids more than player j then i wins the good and pays his bid, while the loser does not pay. Now consider ..
Compare and contrast the merits of GNI, Net National Product, and Your Better Life Index as indicators of economic performance in Brazil, Russia, China, and India.
What is the marginal revenue of a firm that sells a product at the price of $15 and the price elasticity of demand for the product is -2? What is the price elasticity of demand of a firm that sells a product for $20 and marginal revenue is $12?
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