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Q1. On a 100-acre farm, a farmer is able to manufacture 3000 bushels of wheat when he hires two employees. Also he is able to manufacture 4400 bushels of wheat when he hires three employees. Which of the following possibilities is consistent with the property of diminishing marginal product?
Q2. If the elasticity of Consumption(C) with respect to technology (A) is less than 1 the elasticity of Investment (I) with respect to technology (A) is greater than 1
Explicate the impact of technology shock on the consumption and investment.
The economy's factors of production are not equally suitable for producing different types of goods. This principle generates:
Explain how do acts of intellectual piracy hurt American companies.
Calculate the elasticity for each variable at that point and briefly comment on what information this gives you for each variable. Should this firm be concerned if macroeconomic forecasters predict a recession? Explain your answer.
Many argue that breaking up a monopoly is a Pareto-efficient change. This interpretation cannot be so because breaking up a monopoly makes its owners (or shareholders) worse off. Do you agree or disagree.
The nation of Potchatoonie produces hockey pucks, cases of root beer also back rubs.
Assume that PY increases by 15%, what percentage effect on quantity demanded of product X could be expected.
Substitute the values of L* and K* in the total cost equations and obtain an expression for the total cost C*. then calculate the average and marginal costs and plot them. Illustrate what is the cost elasticity of output.
In the short run, what is the profit-maximizing price of e-books relating to do-it-yourself topics? At the profit-maximizing quantity, what is the average total cost of producing e-books?
Compare and contrast economic development strategies based on import substitutions versus export promotion.
Using the utility maximization rule as your point of reference elucidate the income also substitution effects of an increase in the price of a product with no change in the other product.
Is this enough information to classify the industry as an oligopoly? Is a high concentration ratio evidence that an industry is not competitive?
If none of the high-cost firms makes a positive profit, how large is n. Elucidate how much profit do the low-cost firms make.
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