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You will knit for 8 hours today. It takes you 20 minutes to knit a hat and 80 minutes to knit a scarf. What is the opportunity cost (in terms of hats you could have produced) of increasing your scarf production from 1 to 2?
If each surgeon is paid P24,000.00 per day and the medical firm's total fixed cost is P650,000.00, what is the average cost of the output produced.
If the firm is producing at a quantity of output where marginal revenue exceeds marginal cost, then,
If an electromagnet is installed on the input conveyor of a coal-processing plant, it will pick up scrap metal in the coal. Removing this scrap will save.
Using the fixed expenses and projected sales from the example, what would the break-even price be if unit cost is $35?
Most economists A. apply the assumption that people behave as if they act rationally with an aim to maximize utility. B. apply the assumption that people rarely behave as if they act rationally although they do aim to maximize utility. C. rely on see..
Firm x develops a new product and gets a head start in its production. Other firms try to produce a similar product but discovers they have higher average total cost than the existing firm. This situation illustrates what
What is the point, based on the Equimarginal Rule, which has equal marginal benefit (or the closest) for the two purchases?
How will the unemployment rate during the current period compare with the natural rate of unemployment.
Monopoly is inefficient as it charges prices higher than marginal costs. Is it feasible for the government to regulate a natural monopoly by setting prices equal to marginal costs? Roche plans to sell Tamiflu at higher prices in Europe and North Amer..
You will have more money at 65 than if you save $500 per month from 31-65. At what rate of return is this claim true?
Japan, one worker can make 5 tons of rubber or 80 radios. In Malaysia, one worker can make 10 tons of rubber or 40 radios. Who has the absolute advantage in the production of rubber or radios? How can you tell? Calculate the opportunity cost of produ..
Keynesian consumption model has been criticized on the ground that assumes constant MPC. To resolve this problem you are running the consumption model for US economy as: C = 0 + 1 Y^2 +U a. Explain how this model can remedy the problem of Keynesian c..
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