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A firm produces 8000 units of output, which it sells for $1.50 each. It produces this output using only labor and capital, and pays $7000 to its labor and $1500 to its capital. The firm's owner feels she could make $4,000 working somewhere else. What is the implicit cost?
Assume that the marginal cost of providing lockers is zero as well as the monthly demand as well as for lockers is estimated to be best described.
Should price increases for products in demand be allowed during extreme times of demand ( e.g.; bags of ice, water or hotel rooms during a hurricane crisis)? Defend your position using economic principles?
Two bookstores are competing for customers. Both bookstores can decide to offer discounts to attract more customers. Bookstore-A has a 30% probability of offering a discount. The probability that Bookstore-B will offer a discount is unknown, and is r..
In the presence of “foreign repercussions,” why is the multiplier for an autonomous increase in home country exports smaller than the multiplier for an autonomous increase in home country investment? Explain in economic terms.
By what percentage would GDP be boosted if the value of the services of stay-at-home spouses were included in GDP
Mauricio has a circus act, and he has a budget of $720 to spend on monkeys and unicycles. The cost of a unicycle is $120 and the cost of a monkey is $90. Please graph Mauricio\'s budget constraint on the graph below.
If the George Firm is minimizing costs, its RTS is 1.5, and it pays its workers $30 per hour, how much must it pay for each hour it uses its capital?
If the rate of money growth and the growth rate of the real GDP were the same in both countries, the explain how would the rate of inflation differ among them.
Trevor consumes two goods: fruit (good x) and vegetables (good y). His demand for fruit is given by x(px,m)=.04m-4.24px. His income is $322, the price of fruit is $2, the price of vegetables is $1. If the price of vegetables rises to $3, calculate to..
Prepare a composite (weighted) index for housing construction costs in 2008 with the following data:
Household production consists of. The deportation of illegal aliens may create jobs on a one-to-one basis for native workers if
What are the major determinants of the elasticity of demand? When would you want to own a business that sells price-elastic products? Why?
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