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Is it true that in a short-run production process, the marginal cost curve eventually slopes upward because firms have to pay workers a higher wage rate as they produce more output? Explain your answer.
Do you think we, as customers will be more price sensitive also price conscious. What do you think this means for luxury goods.
Assume your boss purchase out every single pizza store in the US. Your cost-demand conditions are as follows: profit maximizing quantity - 60 pizzas; price - 20$ per piece;
If the marginal product of the second worker hired by a firm is 14 units and the price of a unit of output is $7 regardless of the quantity of output sold, then the marginal revenue product of the second worker is?
Why is degree of world income inequality measured at purchasing power parities lower than that measured at exchange rates? What are the main trends in global poverty, and how do these trends differ from region to region?
A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue of $10, average total cost of $8, and fixed costs of $200.
a) the difference between the maximum amount a person is willing to pay for a good and its market price.
"Fewer and fewer Americans support our government's trade policy. They see a shrinking middle class, lost jobs and exploding trade deficits. Yet supporters of free trade continue to push for more of the same - more job-killing trade agreements."
George says, "If the amount of product differentiation in a monopolistically competitive industry is very small, the outcome in that market will not be very different than if it were a perfectly competitive industry."
Why might EMS provisions for the extension of central bank credits from strong- to weak-currency members have increased the stability of EMS exchange rates?
A normal good is being produced in a constant-cost, perfectly competitive industry. Initially, each firm is in long-run equilibrium. Briefly explain the short-run adjustments for the market and the firm to a decrease in consumer incomes.
Give an example how scarcity of a product would have an impact on a macroeconomic and microeconomic level. Explain your rationale.
1) Refer to Goods X and Y. Suppose the consumer is spending all of his income buying some of both goods. If the marginal value of X is greater than the relative price of X, how can the consumer improve his level of satisfaction?
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