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Assuming that MPl = 5 and MPk = 10. Assuming also that Pl = $2 and Pk = $5. This implies that the firm should substitute labor for capital. Explain why
Using the data from above: As price decreases from $1.00 to $0.70, demand is (elastic, inelastic, unit-elastic) ______________ and total revenue (increases, decreases, remains the same) ______________. As price decreases from $0.70 to $0.60, demand i..
When demand is elastic, an increase in price causes quantity demanded to______________ and total revenue to__________. When demand is inelastic, a decrease in price causes quantity demanded to ____________and total revenue to__________. If price rise..
Using the AD/AS model, discuss the changes to the economy that the Phillips curve explains well, and describe under what conditions the Phillips curve fails to explain economic behavior. Include graphs of the Phillips curve and the AD/AS model in you..
What is a one invention that had good impact on the international economy and why. What were the impacts of this invention were impact good or bad.
Compute the approximate elasticity of supply from the following data:
Consider a market where the price of the production is determined by p=60-Q. Initially there are Three Firms which all produce the same product. All three firms have zero marginal cost and zero fixed cost. In Nash equilibrium, all firms produce the s..
All else held constant, the choice whether to use labor intensive production process or capitla intensive one depends on; 1. whether the compnay is growing or shrinking. 2. the relative prices of capital labor 3. the type of market in which the firm ..
A descriptive essay on “is there a "free-rider" problem associated with public goods and services? How does government address this free-rider problem? What are the necessary ingredients for a nation to experience greater rates of economic growth, hi..
Analyze the effect of each of the following events on the market for loanable funds in a closed economy in long run equilibrium. In each case, identify the effect on national saving and its components, the level of investment, and the real interest r..
Suppose a typical consumer's inverse demand function for bottled water at a resort area where one firm owns all the rights to a local spring is given by P = 15 - 3Q. The marginal cost for gathering and bottling the water is $3 per gallon. Find the op..
Explain by how much would it have to increase government purchase to achieve this goal.
Porter's Five Forces Model, Porter's Five Forces Model is a "classic model" that is still relevant for today's management. This is primarily an industry-based view toward competition. It can be used to support competitive decisions facing manager..
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