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Suppose the production function for good q is given by q = 3k + 2l where k and l are capital and labor inputs. Please answer the following questions: (1) What is the return to scale for this function? (1) What is the RTS of this function?
Define the law of demand, and the law of supply, graph a change in quantity demanded, and a change in quantity supplied. Illustrate a change in demand or supply. Illustrate what happens to the equilibrium price and quantity when you have an increase ..
Assume you are the manager of a medium-sized industry which operates in an industry which has a four-industry concentration ratio
China has emerged as one of the fastest growing and most significant trading partners for the US. How does growth in China impact welfare in the US? Under what circumstances is Chinese growth good for US welfare and under what circumstances is US wel..
Elucidate why the equilibria found in part (a) are only short-run equilibria. What will happen in the long run.
A company is trying to figure out the cheapest way to produce 36 toys. The company†TM s technology is given by:
Illustrate which competitor is better positioned to take advantage of this opportunity. Assuming that neither company can segment the market.
q1. why do proponents of active policy recommend government intervention to close an expansionary gap? briefly
Compared to a standard market that is allowed to operate freely, an increase in demand in a market with a binding quantity restriction will cause:
for example, after you explain opportunity cost in your own words, you can give the example like, “after you graduate with a BA/BS, the opportunity cost to go on to the graduate school is your work experience and salary.)
Why are poor countries poor and rich countries rich. Illustrate what are the main ingredients for economic growth.
Factor mobility means the ease with which a factor can be moved from one form or area of employment to another. There are two aspects to mobility. Movement from one employment to another is called occupational mobility and movement from one plac..
Explain the “objective theory of jurisdiction.” How does it apply to an organization doing business within a foreign country?
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