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Supporter of free market systems discuss that free enterprise leads to more efficient production and better response to changing customers preferences. Others point to the fact that markets are not perfect.
Consider both viewpoints and respond to both sides of the issue with your viewpoints.
Problem - Total Cost, Average Cost, Marginal Cost: - Complete the following table of costs for a firm. (Note: enter the figures in the MC column between outputs of 0 and 1, 1 and 2, 2 and 3, etc.)
Assume that a union's target is to maximize total wage income received by union workers, namely, the average union wage times the number of union workers employed.
If the production function is Q=K^.5 L^.5 and capital is fixed at 1 unit, then the average product of labor when L=36 is?
What is the relationship between bowed out shape of production possibilities frontier and increasing opportunity cost of the good as more of it is produced?
Name any good or service which has a noticeable recent price change. Using concepts of supply and/or demand, what are some possible explanations for this change in price?
Airway Express has an evening flight from Los Angeles to New York with an average of 80 passengers and a return flight the next afternoon with an average of 50 passengers.
Explain the median housing price in a community
Recognize three well-founded reasons supporting the potentially beneficial role for government intervention in the workings of private marketplace.
Estimate whether and how each of the following factors would shift demand curve for chiropractic visits; an increase in the out of pocket price of chiropractic visits.
You decided to open a restaurant, named FunMeal. FunMeal is a fast food restaurant with a very limited menu. What is FunMeals elasticity of demand? Is demand elasticity, inelastic, or neither?
Discuss why is increasing per capital income necessary but not sufficient for broadly dipping poverty and improving human welfare?
Why there is so much advertising in monopolistic competition and oligopoly? How does such advertising help consumers and promote efficiency?
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