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We would like to estimate the need for physicians in a country. What approach would you follow to estimate the need? Briefly describe the method you are proposing (describe one method only) and discuss some potential limitations of the approach.
The Marginal Rate of Product Substitution (MRPS) is the rate that one output must be decreased as production of the other output is increased. The most common form of MRPS is?
Suppose that two recent studies conclude that increased fiber in the diet does not reduce the risk of developing colon cancer as was previously thought. The likely result will be that the:
Illustrate what government body makes fiscal decisions. Policy makers for national fiscal policies. Explain the effects of fiscal policies.
describe the three types of unemployment. What types of government programs would be most effective in combating each type of unemployment
The consumer is indifferent between B and a lottery ticket with probabilities. Construct a set of von Neumann - Morgenstern utility numbers for the four situations.
the rival long-distance carriers have complained that the local phone company repair persons have put peanut butter on rival long distance carriers's phone lines to encourage rats to eat through the lines.
The optimal rate of pollution occurs where
Explain how these allocation methods may affect quantity demanded, equilibrium price, and quantity supplied. Are these allocation methods more or less efficient than other methods?
The market demand is P=100-1.5Q and marginal & average costs are constant at 10 (MC=AC=10) find the monopoly price and quantity. find the perfect competition price and quantity. calculate profit, social welfare(consumer and producer surpluses), and d..
Compute the expected value, the expected return, the variance and the standard deviation of an asset that requires a $1000 investment, but will return $850 half of the time and $1,250 the other half of the time.
Total industry sales are $105 million. Top four firms account for sales of $10 million, 9 million, 8 million and $5 million, respectively. What are four firm concentration ratios.
They spend their time performing two favorite activities. Knitting scarves and making meatballs.
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