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Much has been made of the fact that people don't consistently act with scientific rationality. What is meant by rationality? Consider the three "systematic mistakes" discussed in your text. What are the costs of making those "systematic mistakes"? Is it possible to act "irrationally," or is rationality defined by the individual's approach to decision making?
At present, U.S. railroads own about 595,000 railcars and lease an additional 717,000. The demand for rail freight services has increased markedly in recent years as the booming ethanol industry has sought rail transport of raw ingredients, by-produc..
A firm that has total fixed costs of $40,000 sells its output for $250 per unit and has an average variable cost of $150. If the firm's cost and revenue curves are linear, how much output must the firm product to break even?
Explain the market equilibrating process in relation to your experience. Include academic research to support your ideas.
Discuss how does the existence of money decrease the expenses of making transactions, relative to a society based entirely on barter?
Assume the economy starts at equilibrium and the mpc=.8. What would be the effect of the $500 increase in taxes (once all the rounds of the mulyiplier process are complete) in relation to equilibrium output?
what is the least-cost input-combination of labor and capital and how much output is produced with that set of resources?
The price charged to consumers, the average total cost of production and the efficiency of the market outcome
Discuss industry structure, demand and market conditions, and the pricing behavior of Kodak in the 1990s. Do you think the industry environment is significantly different today? Explain.
Determine the firm's minimum cost of making unit of output and the wage is €1 per hour and the capital rental charge is €1 per hour.
Describe how a firm in a Monopoly market maximizes its profits and minimizes its losses in the short term and in the long term. Can a Monopoly make a profit in the long term?
What economic problem is the nation facing and what would be the goals of your Fiscal Policy
This price reduction would also increase sales to 220,000 units during the relevant years. a) Make the decision tree. b) What is the optimal strategy for the monopolist?
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