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Since the end of World War II, manufacturing firms in the United States and in Europe have been moving farther and farther outside of central cities. At the same time, firms in finance, insurance, and other parts of the service sector have been locating near the downtown areas in tall buildings. One major reason seems to be that manufacturing firms find it difficult to substitute capital for land, while service-sector firms that use office space do not have this difficulty. a. What kinds of buildings represent substitution of capital for land? b. Why do you think that manufacturing firms might find it difficult to substitute capital for land? c. Why is it relatively easier for a law firm or an insurance company to substitute capital for land? d. Why is the demand for land likely to be very high near the center of a city? e. One of the reasons for substituting capital for land near the center of a city is that land is more expensive near the center. What is true about the relative supply of land near the center of a city? (Hint: What is the formula for the area of a circle?)
1) An important reason why economies at an early stage of development tend to operate inefficiently is a) they tend to be dominated by the agricultural sector, where productivity is usually low. b) they tend to have authoritarian governments that sti..
A group of firms in competitive market produced 20 units of a good when the market price was $2. They incurred no marginal cost. Eventually they realized the benefits they could get by teaming up and acting as a monopolist.
Illustrate the maxmium so and so would pay for insurance.
Suppose that Demand and Supply curves for coffee bean is given by-What value of t maximizes Government's tax revenue?
Estimate total revenue function and the marginal revenue function with just this information.
Vera is an impoverished graduate student who as only $100 a month to spend on food-Explain why Vera's preferences are of a very special type here. How would you graph them?
Assume the Federal Reserve sells government securities from its existing holdings to the financial sector and the non-bank public.
how should the british and french manufacturers of the concorde commercial airliner take account of the plane's development costs in determining the price to charge airline companies should they suspend production if they can.
Describe when economists with different political views do cost/benefit comparisons, they often reach different conclusions. If their analysis is based on objective costs and valid techniques, why wouldn't they reach similar conclusions, even if t..
Find information on GDP and its components and calculate the percentage of GDP for the following components for 1950, 1980 and 2005:
Assume that your firm above is the N.Y. Yankees and the league owners impose a lump sum tax of $4 million dollars on your firm.
Use an aggregate demand/aggregate supply diagram to show what effect was intended. what might happen if such a tax cut also shifted the aggregate demand curve.
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