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You have been hired by a new firm selling electronic dog feeders. Your client has asked you to gather some data on the supply and demand for the feeder, which is given below, and address several questions regarding the supply and demand for these feeders.
Quantity Demanded
Quantity Supplied
$300
500
1800
270
600
1700
240
700
1600
210
800
1500
180
1000
1400
150
1100
1300
120
1200
90
60
30
900
10
Your client has asked that you develop a report addressing the following questions so that you can present these findings to their Board of Directors:
Questions:
Consider a firm using labor and capital as its only inputs. The price of capital is $40 where the price of labor (wage) is $60. Using 500 units of labor and 500 units of capital the firm is producing 1200 units of output. At this mix of input the fir..
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"GDP is the best possible measure of well-being since it measures the value of all goods and services produced in the economy." Do you agree or disagree with this statement? Why?
President North West is spending billions of dollars on military equipment in the U.S. He is also attempting to carry out his promise to put a man on Mars by the end of the decade.
Consider a simple macro model with demand-determined output. Which of the following parameters will produce the strongest automatic stabilizer?
the government provides national dental benefits for all U.S. citizens that cover 100% of the cost of all dental services. There are two effects of this policy. First, there will be an increase in the number of consumers of dental services. Second..
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a examine your y data excluding the hold out period to determine if it needs to be differenced to make it stationary.
Determine the equilibrium market price and the equilibrium market output level and determine the individual's firm's level of profit. Profit = TR - TC
What would be the internal rate of return for the project
Suppose there are nine sellers and nine buyers, each willing to buy or sell one unit of a good, with values ($60, $50, $45, $40, $35, $30, $25, $20, $15). Suppose there is a single market maker in this market. What is the optimal bid-ask spread?
Some economists studying the effects of the minimum wage law have found that it tends to reduce the employment of black teenagers relative to white teenagers. Briefly explain the economics behind this finding.
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