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Q1. The price of a firm's product increases from $5 to $6. As a result, the quantity demanded of the product declines from 600,000 to 500,000. The price elasticity of demand for the good is equal to
Q2. A Los Angeles firm uses a single input to produce a recreational commodity according to a production function f(x) = 4√x, where x is the number of units of input. The commodity sells for $100 per unit. The input costs $50 per unit.
Find profit maximizing amount of output. Show all working.
Explain how supreme as well as comparative advantages were used in your simulation.
Explain the relationship among the bowed out shape of the production possibilities frontier and the increasing opportunity cost of a good as more of it is produced.
Compute GDP for Joe using both the product and income approaches and show how they must agree.
What is the output of each firm if they collude to produce the monopoly output? What profit does each firm earn with such collusion.
How would a gradual increase in the percentage of fathers who stay home to care for young children while their wives continue working.
What are some examples of behavior that at one time wire victimless crimes that are no longer criminal.
Discuss how you would explain what this class was about to a friend of yours pondering taking the same class.
movements along the consumption function while changes in wealth lead to a shift of the consumption function.
Describe how each of these activities affects government, households, and businesses. Illustrate flow of capital starting from one entity to another for each activity.
Parkleigh presents an hourly salary also the employee discount. Kaufmann's offers only an hourly wage.
How should labour be allocated between x and y to satisfy the demands calculated in part.
Explain why this formulation of consumption may provide a more accurate description of consumption than the simple consumption function that depends only on current income.
What is output that should be produced to achieve economic efficiency and the value to society for correcting the externality.
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
State two economic principles of taxation and which principle best justifies the excise tax on gasoline, when the tax revenue is used to maintain or improve the roads.
The Performance by Patrice (PbP) Company purchased a Centaur Computer controlled manufacturing milling machine for $635,000 for use in its rear end manufacturing operations on November 8, 2007.
What amount of equity method income would Russell recognize in 2013 from its ownership interest in Thacker.
Calculate the price and quantity associated with the perfectly competitive outcome.
The two economies are so far apart that they don't share ideas and each evolves as a separate roomer economy.
If interest rates remain unchanged, what is the expected capital gains yield, stated as a percentage, over the next year for Bond A and for Bond B.
The discount rate for the stock is 15% and the rate of return on reinvested earnings is also 15%
Analyze the USA financial meltdown that happened in 2008-2009. This crisis was partially caused by the reward systems that were in place for participants in the financial system. Identify the major participants in the financial system.
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