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Q1. 1. What might be the goal of a museum? Of a firm? What are the basic steps in all types of decision making processes?
2. How is the concept of a normal return on investment related to the distinction between business and economic profit?
3. Apply the decision-making model developed.
Q2. Movie attendance dropped 8 % as tick prices rose a little more than 5%. Elucidate what is the price elasticity of demand for movie tickets? Could price elasticity be some-what overestimated from these records? Could other things have changed, accounting for some of the decline in attendance?
Suppose that consumer price index at year-end 2011 was 150 and by tear-end 2012 had risen to 160. What will be the inflation rate during 2012?
With Australia going through a long-lasting drought in the first decade of the 21st century, serious concerns were raised about the possibility of running out of water.
If GDP is increasing by 3% every year Explain how long will it take GDP to double. Given the same conditions above, Explain how long will it take Every Capita GDP to double if the population grows at 2%.
Consider the argument made by Thad Williamson, article 3.4 in Real World Micro . Does "more" make us happier? If not, then why do we produce more? In your answer, consider the difference between the circuit of production under capitalism and that..
The players are needed to simultaneously and independently select positive numbers. Find out the Nash equilibrium of this game.
Illustrate what are the factors that affect the supply and demand of the good or service. Who benefits more from a transaction of the good or service, the buyer or the seller. Generally speaking, why do people enter into trade.
How does this alter the isocost and isoquant graph? d.Given these forecasts, where should you expand production?
Evaluate Rusal's prediction by using the demand and supply equations to make a prediction about the movement of world aluminum price.
Open a Word document and insert the image by pressing the Ctrl+V keys simultaneously. Give reasons to explain what the government would have to do to keep the unemployment rate at 3 percent
Assume which a industry has "pricing power" also can segregate its marketplace into two distinct groups based on differences in elasticities of demand.
Explain the entities affected by social regulation. My question is Illustrate what do they mean by the word "entities"?
What are the advantages and disadvantages of each method. What do you suppose led each company to make their choices.
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