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You run a small farm that grows fresh produce to sell at your roadside stand. You employ workers, you rent land and you rent capital in order to grow the produce. If the marginal product per dollar of capital is $2, the marginal product of labor is 20, the price of labor is $10 and the marginal product of land is 32, what is the price of land?
Mustard and mayonnaise are substitutes. Mustard and relish are complements. Mustard is a normal good. During the summer, about 50% of all mustard was recalled by manufacturers and removed from store shelves.
Illustrate what did classical economists assume about flexibility of prices, wages and interest rates. Illustrate what did this assumption imply about self-correcting tendencies in an economy in recession.
Explain why do the Average Variable Cost curve and the Average Total Cost curve become closer as the quantity increases.
Rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve.
A ‘linear deprecation' is characterized by a loss in value by constant amounts per year. Why might calculated depreciation rates not reflect ‘true' depreciation.
Increasing the minimum wage will result in a decrease in employment for workers who now earn less than the new minimum wage.
An increase in the number of varieties of a good regarded as a gain from trade. Can you think of economic disadvantages associated with greater product variety.
illustrate the effect of capital formation by comparing the production possibilities curves with the present time and one in ten years time, for two different eonomies, one with a high rate of capital formation, and the other with a low rate of ca..
Assume that your household gets a machine that cost Lesley provides you with food. Illustrate what would that do to your labor supply.
Illustrate what real world data would you want to examine. What would you consider to be evidence of tit-for-tat pricing.
Explain how much of input 2 does it use. B) What is the most that it is willing to bribe an inspector to allow it to use another unit of input 1.
Describe each alternative`s break even pontin unit. At what volume of output would the two alternative yield the same profit.
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