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Explain a worker’s labor-leisure choice associated with a wage decrease (assuming non labor income does not change). Illustrate the income and substitution effect associated this wage change on an appropriate graph. Label all curves and axis.
Explain why government regulation is or is not needed, citing the major reasons for government involvement in a market economy. Provide support for your explanation.
Calculate total economic surplus under monopoly also competition. The difference is the social cost of monopoly
What generalization can you make asd to the relationship between marginal revenue and elasticity of demand? Suppose the marginal cost of successive units of output was zero.
A similar helicopter was purchased 4 years ago at a cost of 140,000$. At an interest rate of 7% per year. Illustrate what would be the equivalent value today of that 140,000$ expenditure.
Are the assumptions the same as under a simple linear regression. What does TSLS imply about the data if a strong F is found.
Sketch the firm's isoquant and isocost lines and show its current equilibrium in the use of labor and machines when producing 200 gizmos per month.
In general, the marginal cost curve is U-shaped as you learned in lectures and the textbook. However, exception exists. Please provide one particular industry as an example to illustrate that MC is not U-shaped.
By how much will total economic surplus change if the city council passes a law requiring employers to include full reimbursement
Locate recent articles in the New York Times or Wall Street Journal in which economists are quoted using positive and normative statements.
Why do marginal costs first fall and then begin to rise? Why are marginal costs important to a firm when making decisions to increase or decrease production?
Which is most likely occur under a system of clearly defined and enforced private property rights.
Would company benefit by advertising in this perfectly competitive market. What would happen to price of toothpaste, would it rise or fall. What would happen to profits company makers.
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