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What are the shapes of the production functions from which we can derive the following average and marginal cost functions?
a) Linear (increasing) average costb) Constant marginal costc) Decreasing average costd) Zero marginal coste) U-shaped average costf) U-shaped marginal cost
suppose a massive unmanned spaceship were to crash in the US instantly increasing the capital stock substantially. Describe using the Solow Model, what would happen to the capital stock, and to output over time. Be sure to include graphs of bothe ..
A consumer's utility function is given by U(X,Y)=X*Y. The customer has $576 to spend. Px=16 & Py=4. How much total utility does the consumer receive? How much X & Y should the consumer purchase to maximize her utility?
Suppose a monopolist operated in an industry where the market demand is perfectly elastic (with inverse demand given by P = 30 and its cost function is T C = 100 + Q + Q^2 . calculate profit maximising P and Q. Would this be any different if the ind..
A dedicated teacher loves being in the classroom and would teach for $40,000 per year, but he is actually paid $55,000 per year. Mathematically, economic profit is. The accounting costs for this firm are
Describe the importance of price mechanism, competition, and efficiency in the capitalist economy. Please provide real-world examples (this can be from the media or your own experiences).
answer the following questions using examples and applications from the readings. justify your answers using economic
Construct the normal form of this game assuming consumers move simultaneously and choose between two strategies - what is the firm's profit-maximizing price? Explain.
What is the Federal Funds Interest rate?
suppose that the reserve requirement is 10 percent and the balance sheet of the peoples national bank looks like the
5.1 Know about and analyze the "great migration" of African-Americans from the south to the north to obtain better employment prospects in the 20th Century; 5.2 Appreciate and know how to analyze the role of immigration and the immigrant experience ..
Suppose if the public's demand for United States currency increased by $100 Million what action in the "open market" would the Fed have to take to prevent bank reserves from falling?
Chapter 4 Elasticity 1) The price elasticity of demand measures A) how often the price of a good changes. B) the slope of a budget curve.
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