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Under a welfare plan, poor people are given a lump-sum payment of $L. If they accept this welfare payment, they must pay half of anything they earn to the government as a tax. If they do not accept the welfare payment, they do not have to pay a tax on their earnings. Show that whether an individual accepts welfare depends on the individual's tastes.
If a company manufactures records and its cost equation for a week is C = 300 + 1.5x and its revenue equation is R = 2x, where x is the number of records sold in a week, how many records must be sold for the company to realize a profit?
A firm has a cost function given by the following: Find the firm's production function, y= f(x1, x2).
Consider two firms X and Y that produce identically tasting cold drinks. In order to raise the demand for its cold drink, firm X raise its advertisement outlay.
a. How many different possible dial combinations are there for this lock b. What is the probability that if you randomly select a posi- tion on each dial, you will be able to open the bank vault c. Explain why "dial combinations" are not mathematical..
Identify production level to maximize profits Explain how to balance fixed and variable costs Apply economic cost concepts in making business decisions learning team reflection
What difference does it make, if any, if technology is moving very fast in the market so that this game proves to be one-time-only simultaneous play?
Someone claims that the "bargaining" hypothesis appeared in the literature because of a significant flaw in the "comparative advantage" hypothesis. After you briefly explain what these two hypotheses stand for, identify what..
How much will each firm produce in the equilibrium and find in the long run, consumer surplus
Discuss the difference between a movement along and shift of the demand curve? Demonstrate the impact on the equilibrium price and quantity that results from;
Calculate medal shares for total medals won, for each country, by year. The medal share for country in a year is the proportion of the total number of medals awarded in that year's Olympics that is awarded to the country. To calculate the me..
Production is accompanied by significant spillover costs. The government produces valuable goods and services at a low cost. The cost of living is lower in the country than is typical in the world.
Describe how expected activity times and variances can be computed in a PERT network. Describe a situation in which a project manager would choose PERT for their project.
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