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Suppose a perfectly competitive firm sees that price is $23 in the market place. It notices that the cost of producing the next unit of output is $26. What advice would you give to this firm? Graph and Explain Your Answer
Gross domestic product (GDP) measures: Which of the following is considered an increase in investment in the calculation of GDP? Which of the following activities would be included in the calculation of U.S. gross domestic product in 2004?
Argentina and New Zealand each produce wheat and mutton under conditions of perfect competition, as shown on the accompanying production possibilities curves. What is the opportunity cost of producing each good in Argentina? Explain how international..
Illustrate what do you agree with the speaker. Explain your answer with the use of a graph indicating the firm's short-run cost structure.
With reference to a carefully drawn graph, provide a detailed analysis of the impact of this decrease on equilibrium price and equilibrium quantity in the market for new cars in the United States.
Write down an explanation for an interrogatory senator outlining how your expansionary acts would operate and what would be the effects on the economy.
Lay out the arguments forand against trade treaties like NAFTA, and/or for the process of"globalization" of the U.S. economy. What do you think? What is your position, positive or negative, and why do you think so? Paterson, which now has lost most o..
Consider an industry in which all firms have identical technology given by a production function: q = min K α , L 1 − α 1/2 , where q is the level of output, α is some constant between 0 and 1, and K and L are two inputs. Describe the long-run equili..
Louie produced 300 fire trucks. What action leads to both gains in revenue and loses in revenue for Louie.
Suppose low-income people have preferences for non-food consumption (NF) and for food consumption (F). In the absence of any income transfer programs, a person's budget constraint is given by NF + PFF = I where PFF is the price of food relative to no..
A corporation is considering spending $3 million for a new stamping press which will save $550,000 per year (repairs, downtime, etc.) over its 7-year life. At the end of seven years, the machine could be sold for $1.8 million. An alternative is to sp..
Assume that when an economy has a GDP of $500, Consumption is $550. The MPC is .75. Investment is 25. Begin the problem by setting up an Income/Consumption Schedule like the one on page 220 of your text. Set up only the first two columns (1) and (2)...
Stroika Concrete makes bags of easy-use concrete for the DIY market. The company mixes their concrete using two ingredients, "Great Grit" and "A1 Aggregate". Great Grit costs L1 per kilogram and consists of 20% fine sand, 40% coarse sand and 40% grav..
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