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1. Describe the conditions under which a firm has economies of scale, diseconomies of scale, and constant economies of scale.
2. When does a producer face economies of scope? When does a producer face diseconomies of scope?
Determine unemployment in the cattle Industry. Explain a current status of unemployment in the Cattle Industry.
Construct a Marshallian demand function in which one good is a Giffen good. Construct a demand function in which two goods i and j are substitutes but ∂xi/ ∂pj
How many hours will it take thebullock cart to travel 20 km?
If the PowerBall lottery has $100 million prize, and tickets cost $1.00 each, and there are 500 million tickets sold, what is the expected value of each ticket Is it rational to purchase a ticket What if you know that only 50 million tickets have ..
Will the total revenue on any day be normally distributed
Explain how the variety of building types that sprung up can be attributed, at least in part, to the potential for moral hazard.
Why does this seem puzzling, from the perspective of the theory of competitive markets? Why might a profit-maximizing firm offer such a large raise?
A geometrically increasing series of 20 end of year payments is deposited to fund an account. The first payment is $20,000, the geometric factor is 4%. The account is used for retirement purposes and will produce 30 consecutive annual payments of ..
Explain the difference between purely private and public goods and how it applies to environmental problems faced by developing countries. What are the implications of the free-rider problem for allocation of a public good?
Consider a switchgrass farmer whose initial break-even price is $76 = $36 explicit cost + $40 opportunity cost for land. For each of the following changes, explain the effects on the farmers production cost and break-even price. (Related to Applic..
Suppose Fred deposits $8,000 in cash into his checking account at the Bank of Bonzo. The Bank of Bonzo has no excess reserves and is subject to a 5 percent required reserve ratio.
Suppose that the demand for and supply of bonds both change with the state of the business cycle. In economic expansions, the demand for bonds is given by the equation D = 200 + 2,000r and the supply of bonds is S = 500 - 1,000r.
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