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Graphically demonstrate the quantity and price of a perfectly competitive firm.
a. Why is a slightly larger quantity not preferred?
b. Why is a slightly lower quantity not preferred?
c. Label the shutdown point in your diagram.
d. You have just discovered that shutting down means that you would lose your land zoning permit, which is required to start operating again. How does that change your answer to c?
During the summer of 1997, Congress and the president agreed on a budget package to balance the federal budget. The "deal," signed into law by President Clinton in August as the Taxpayer Relief Act of 1997, contained substantial tax cuts and expen..
Consider the production function f(L;K) = L + K. a. Suppose K is fixed at 2. Find algebraic expressions for the total product of labor function TP(L), the average product of labor AP(L), and the marginal product of labor MP(L).
There are significant reductions in the amount of water that avocado farmers are allowed to use in California, where most U.S. avocados are grown.
Output Fixed Costs AFC Variable Cost AVC Total Cost ATC MC 1 $50 50 $30 30 $80 80 2 $50 25 $50 25 $100 50 20 3 $50 16.66666667 $80 26.66666667 $130 43.33333333 30
Suppose that a firm's only viable input is labor. The firm increases the number of employees from four to five, thereby causing weekly output to rise by two units and total costs to increase from $3,000 per week to $3,300 per week.
Derive the constrained MLEs for the µk and Σ. Show that the Bayes classification rule is equivalent to classifying in the reduced subspace computed by LDA (Hastie and Tibshirani 1996).
Suppose in the banking system as a whole, demand deposits are equal to $80,000,000 and reserves are equal to $17,000,000 with a legal reserve ratio of 10%. If the Fed doubles the required ratio
The firm currently uses 50,000 workers to produce 200,000 units of output per day. The daily wage per worker is $80, and the price of the firm's output is $25. The cost of other variable inputs is $400,000 per day.
The element being searched for is not in an array of 100 elements.
The current market wage rate is $10, the rental rate of land is $1,000 per unit, and the rental rate of capital is $500. Production managers at a firm find that under their current allocation of factors of production, the marginal revenue product ..
How do your results in questions #2 and #3 help to explain the tendency of recessions and expansions to spread across countries?
What are natural resources-based livelihoods, and how are they threatened? What are common property resources; what economic incentive problems do they face; and how have some communities successfully overcome these problems?
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