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A Petroleum company recently completed construction on a large refinery in Louisiana. The final construction cost was $71,000,000. The refinery covers a total of 260 acres. The Expansion and Acquisition Department at the company is currently working on plans for a new refinery in Texas. The anticipated size is approximately 360 acres. If the power-sizing exponent for this type of facility is .70, what is the estimated cost of construction?
Compare and contrast the impact of a faster population growth on the standard of living (measured as output per worker) in the models of Solow, Malthus, and Kremer.
What are some of the differences between the two globalizations discussed in the paper? What evidence do the authors provide to show that trade today is more important than a 100 years ago? What misconceptions about the differences do the authors add..
What is the total quantity supplied to the market? As this market makes the transition to its long-run equilibrium, will the price rise or fall?
One way for the government to facilitate economic growth is for it to pay workers in depressed areas to move to regions where jobs are more plentiful. What would be the labor market effects of such a policy?
Expectations and consumer confidence are important in determining fluctuations in aggregate spending. In your opinion, what is the present status of consumer confidence.
Assume which an innovation reduces a industry's fixed costs also reduces cost from ATC to ATC. Before the innovation reduced the cost, the industry's maximum economic profit was
There is currently 20 identical firms in a perfectly competitive market. Each firm has a cost function of the form: SC(q)=10q^2+200q+7000. The market demand is P= -4QD+3000. Explain why this is not a long run competitive equilibrium
What happens in a perfectly competitive industry when economic profit is greater than zero?
Apple Computer wants to have $2.1 billion available 5 years from now to finance production of a handheld “electronic brain” that, based on your behavior, will learn how to control nearly all the electronic devices in your home, such as the thermostat..
Define and identify the market for each of the following products in terms of (1) market scope (local, regional, national, international( state your reasons why you classify them as local, regional, national or global in scope),
The equation for a demand curve has been estimated to be Q=100 - 10P + 0.5Y. what is income elasticity? what is price elasticity?
Suppose you have been tasked with regulating a single monopoly firm that sells 50-pound bags of concrete. The firm has fixed costs of $30 million per year and a variable cost of $5 per bag no matter how many bags are produced. If this firm kept on in..
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