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Suppose a firm is doing the best that it can and faces the following data:
TR=40, FC=20, VC=50
A. Should this firm exit the market immediately? Explain
B. Should this firm exit the market in the long run? Explain
Suppose that the correlation r between two quantitative variables was found to be r = 0. Which of the following is the best interpretation of this correlation value? A There is a strong linear relationship between the two variables. B There is no lin..
Draw in excel an isoquant that shows little substitution between two factor inputs and on that shows large substitution. Vertical represents capital and horizontal represents labor
How should a monopsonist decide how much of a product to buy? Will it buy more or less than a competitive buyer? Explain briefly.
Suppose, alternatively, that leisure and consumption goods are perfect substitutes. In this case, an indifference curve is described by the equation i = al + bC, where a and b are positive constants, and u is the level of utility. Show what the consu..
The NCAA has often been called an “incidental cartel. ”What is an “incidental cartel?”How has the NCAA exercised its cartel power? Give two distinct examples.
Why do some low-wage countries, such as China, pose a threat to manufacturers in industrial countries, such as the United States, whereas other low-wage countries, such as Haiti, do not?
Explain the unemployment rate in Tappania is higher now than it has been in 50 years. Can both of these statements be true at the same time.
Illustrate what is the probability the driving distance for one of these golfers is less than 290 yards. What is the probability the driving distance for one of these golfers is at least 300 yards.
In 2004, Congressman Dennis Kucinich proposed the Free Market Drug Act. This legislation would have removed patent protection on drugs developed with public funds and given control over pharmaceutical R&D to the National Institutes of Health (NIH). E..
If firms in the pizza industry are earning negative economic profits, which of the following will most likely occur in the future? a. Some firms will exit the market. b. The economic profits of the firms in the industry will rise. c. The market price..
Explain how does a firm determine its prices also the quantity of labor need in the resource market during a specific period. How does a firm determine its demand for capital funds during a specific period.
In the theory of consumer behavior, certain axioms about the nature of preferences imply that indifference curves cannot cross. Which axioms imply this? Explain your answer using a diagram and using words.
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