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Are the following true, false or uncertain? Explain why.
• a) If there are no fixed costs and the marginal costs are strictly increasing, then the average cost curve is always bellow the marginal cost curve.
• b) If a firm’s expansion path is a straight line starting on the origin, that implies that we have constant returns to scale (Hint – think of the Cobb-Douglas production function).
• c) Theresa bought a store in 2001 for 600,000$. In 2002, she decided to open a business in that store, which brought her 100,000$ per year, in the last 5 years. The business has to be closed now due to a fire. Was having that business open a sensible choice by Theresa?
As a two-stage game using a game tree with Company B going first. Solve this game and identify the Nash Equilibrium and does either Company have a first-mover advantage?
Find a descriptive article (1 page or more) which deals with a current exchange rate issue.
Jim enters the town and makes a factory, which is employed by the locals. Every worker in the factory works on one machine and is able to produce 6 shirts per hour. The cost of running the machine is half a loaf of bread per hour, the cost to empl..
1. Suppose we are looking at a supply and demand defined market for a hypothetical good called widgets. We observe that, because of falling consumer incomes, the demand for widgets increases. We also observe that, because of a reduction in ..
What happens to wages and employment if the government imposes a payroll tax on a monopsonist Compare the response in the monopsonistic market to the response that would have been observed in a competitive labor market.
which of the three funding measures would you support and why- what economic and societal factors affect the demand and pricing of healthcare services in today's market?
The goal of studying and recording the unemployment rate is to learn something about the state of the economy. Explain why each of the following makes the unemployment rate a better or worse indicator of how healthy the economy is.
Perform a White test for heteroskedasticity using auxiliary regression
Consider the same animation cel auction as in problem 1. If instead you decide to hold a Vickrey Auction, what will person 2's bid be, if he is behaving optimally?
Calculate the arc price elasticity implied by the initial response to Z-Best's price increase and calculate the effective price reduction resulting from the coupon promotion.
Terrorist attacks foster instability and may affect productivity over the short and long term. Do you think the September 11, 2001, terrorist attacks on the World Trade Center and the Pentagon affected short- and/or long-term productivity in the U..
It is generally accepted that a fall in the price of a particular brand of a good could lead to less of it being demanded. Where the good in question has but two attributes: attribute 1 and attribute 2. Using Lancaster's characteristics theory in ..
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