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Q. Two consumers Jorge and Admen, together own 1,000 baseball cards and 5,000 Pokémon cards. Let xR denote the quantity of baseball cards owned by Jorge and yR denote the quantity of Pokémon cards owned by Jorge. Similarly, let xD denote the quantity of baseball cards owned by Admen and yD denote the quantity of Pokémon cards owned by Admen. Assume, further, that for Jorge, MRSRx,y = yR/xR, while for Admen, MRSDx,y = yD/2xD. Finally, Assume xR = 800, yR = 800, xD = 200, and yD = 4,200.
Illustrate what was the impact on the supply and demand of labor on one sector of the labor market. Explain the factors that affected labor demand and labor supply in the chosen historical example.
The average fixed cost function is monotonically decreasing.The marginal cost function intersects the average fixed cost function where the average variable cost function is a minimum.
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.
Avoid having developed economies regress to a Smoot-Hawley type of isolationism or protectionism to avoid job losses in import-competing sectors.
Your paper should be written using a word-processing program, likely Microsoft Word otherwise a Word-compatible program.
The process by which economics test hypotheses against facts to develop theories, principles also models
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