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1. What is the Lorenz curve? What would the curve look like if income were equally distributed? Could the curve ever bow upward above the line of income equality?
2. Why does the health of the economy affect the number of people living in poverty?
Suppose that a monopolistically competitive firm must build a production facility in order to produce a product. The fixed cost of this facility is FC = $24. Also, the firm has constant marginal cost, MC = $3. Demand for the product that the firm ..
as this market makes the transition to its long-run equilibrium, will the price rise or fall? will the quantity demanded rise or fall? will the quantity supplied by each firm rise or fall
an automobile -manufacturing company is considering purchasing an industrial robot to do spot welding , which is currently done by skilled labor . the initial cost of the robot is $210,000, and the annual labor savings are projected to be $150,000
Making dresses is a labor-intensive process. Indeed, theproduction function of a dressmaking firm is well described by theequation Q = L - L2/800, where Q denotes the number ofdresses per week and L is the number of labor hours per week.
Answer the following questions using the above data. Compute autonomous aggregate demand and compute the short-run output.
Discuss how to calculate the consumer surplus (given that the USDA's recommendation shifts consumers' tastes or behavior)
Is it correct to describe the estimator as becoming more efficient?
Defend your answers with discussion, making any assumptions you feel are reasonable and/or are supported by the information provided.
The following table lists the stages required in the production of a personal computer. What is the value of the computer in the GDP?
Is it possible that the first- and second-highest bidder could together bid more than the value of the rent? Could each of them spend more than the value of the rent? Why or why not?
A firm has standard shaped costs where the minimum of AVC is $15 at a quantity of 9 and the minimum of ATC is $45 at a quantity of 15. The fixed cost is $345. Draw a picture of the MC, ATC, and AVC for this firm specifically labeling the values fo..
Consider a nation that produces only one final good: oranges. In 2010 the nation's orange producers sold a total of 100 oranges at a price of $2 per orange. In 2011 the nation's orange producers sold a total of 300 oranges at a price of $4 per oran..
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