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Johnny Appleseed has an orchard with 1000 trees. Each tree can either produce α pounds of apples or σ pounds of apple sauce. Using the symbols A for apple and S for apple sauce, find the equation of the PPF between A and S (use A as the dependent variable)
The difference between the average earnings of eye surgeons and those of janitors is an example of
regarding the four attributes of perfect competition (many small firms, freedom of entry, standardized product, and perfect information): a) which is primarily responsible for the fact that the demand curve of a perfectly competitive firm is horiz..
Does the ability to move first give the employer an advantage? If so, how? As the employee, is there anything you could do to realize a higher payoff?
An accountant for a car rental company was recently asked to report the firm's cost of producing various levels of output. What is the average fixed cost of producing 2 units of output? What is the average variable cost of producing 2 units of output..
The Interior Department recently announced that it will increase the entrance fees at Yellowstone National Park in order to increase park revenues. The Interior Department must believe that
Describe (include an explanation of economic profit in your explanation). Will price be higher or lower under such the agreement in long-run equilibrium than would be the case if firms didn't collude? Discuss.
Describe an example of risk calculation found on the web and what risk calculation technique is illustrated by your example? Would you have employed a different risk assessment technique than used in your example, and why?
A monopolist faces the price equation: P=1,000-0.5Q and total cost: C=50,000 +100Q + .4Q^2. A. Determine the price and output that maximize total revenue, and the level of profit. B. Determine the price and output that maximize profit and the leve..
Choose two of the following economic systems(traditional,free market,or centrally planned) and explain which of the two systems you think does the best job of achieving each goal of the major economic goals each economic system tries to meet
Suppose that there is a decline in the cost of a unit of capital. In the long run a.) What will be the substitution effect of this change on use of capital and labor, and why How would this be shown on an isoquant diagram (a diagram isnt needed, j..
Compute output, marginal cost, average cost, price, and profit at the average cost-minimizing activity level. Compute these values at the profit-maximizing activity level.
How do individual firms in a perfectly competitive industry respond to an increase in the market demand for the product? Would advertising by individual firms in this type of market provide any benefits?
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