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1.)What is illustrated by shifting from one point on the PPC curve to another?
2.)Opportunity costs are unavoidable when we increase production of any good or service. Why?
3.)What is your opportunity cost of going to college?
Consider the following infinitely repeated model between two firms. Each period, the firms earn profits of 10 if they successfully collude. If a firm deviates from the agreement, it earns 15 in the period in which it cheats. In each period that th..
Illustrate fiscal policies also monetary policies which would be appropriate at this time.
"Students almost always have the option of purcashing a used or new textbook. Although the used book is lower in quality, it also sells for a lower price. Assume that a set of new books costs $1000, and that the set of used books costs $500. Suppo..
Suppose the demand for ABC product has an elasticity coefficient. Explain how many it will sell per month if the price
Describe implications for pricing of batteries, brakes and oil changes on the sale of tires.
A firm has cost function: C(y) = { y^2 + 1 if y > 0, {0 if y = 0, Let p be the price of output. 1) If p = 2, how much will the firm produce? If p = 1, how much will the firm produce? 2) What is the (optimal) profit function of the fir..
Explain how the Environmental Protection Agencys policies impact business in the US.
Discuss the advantages and disadvantages of adjustable-rate versus fixed-rate mortgages?
Then list one good reason to allow tire imports and one good reason to restrict tire imports. Give a short explanation for each reason.
Pick one product with which you are familiar. Complete three to five line items such as Job shop, batch, assembly line, or continuous flow approach, on the Process Design Matrix.
Provide one example of a good the US would be considered to have a comparative advantage in producing. Why do you think the U.S. has this comparative advantage.
James Pizzo is president of a company that is price leader in the industry; that is, it sets the price and the other firms sell all they want at that price.
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