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A tailor must make 6 of the same size suits for a client. The first suit took 14.7 hours to make and the last suit took 7.9 hours to make. What was the tailor's learning curve % of this run of suits assuming a steady state of production is never reached? Express your answer in % to the nearest 0.1%
Assume , at its present rate of output, a perfectly competitive firm's marginal revenue exceeds both its marginal cost and its average variable cost. To maximize profit, the firm should.
q1. suppose your elasticity of demand for your parking lot spaces is -2 and the price is 8 per day. if your mc is zero
Which of the following terms is defined as the process whereby Congress approves spending for the various federal programs?
In mid 1990s, Japan's annual money supply growth rate fell to 1-2 percent from an average annual rate of 10-11 percent in late 1980s. illustrate what effect this decline had on.
q1. in a unregulated competitive market supply and demand have been estimated as followsdemand p 25 - 0.10q and supply
Mike finds a Coke machine in an abandoned part of town and is extremely thirsty. The Coke machine requires exact change - two quarters and a dime. No other combination of coins will make anything come out of the machine.
explain how many sodas will the consumer purchase in a typical month. Illustrate what is the elasticity of demand for soda.
Explain how can each of the 10 principles be applied in an example or experience with which you are familiar. How do you intend to use your newfound knowledge in future economic decisions.
Using information given: What is average cost of first do these of a new drug. What about marginal cost of subsequent doses? Is this consistent with behaviour of costs for an information product.
he chinese furniture manufacturers produce high quality early amerian furniture and successfully export large quantities of the furniture to the United States.
You are the chief economic advisor to the country of Utopia. Life is good in Utopia but people still suffer from the common cold and other ailments. The local Panacea Company has spent $1,000 developing a new drug called Nosnot that cures the common ..
The constant or intercept term in a statistical demand study represents the quantity demanded when all independent variables are equal to:
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