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Explain why firms advertise ? Give ten examples of differentiated goods or services. Explain what differentiates them ? Why will a firm choose to produce where MR = MC? Why not choose a quantity where MR > MC? Describe profit maximization in terms of marginal revenue and marginal costs.
Why do you think the loss of manufacturing jobs was so difficult on the workers in areas like Allentown and other parts of the Midwest where manufacturing was once the largest employer? What type of unemployment is the song about?
A professor's rule of thumb is that students should spend 2 hours studying for each 1 hour spent in class. Professor Bob teaches a class that meets 3 hours per week. He randomly selects 8 students and finds that they study the following amounts pe..
Currently, she is producing her own cookies, and she has revenues of $260,000 per year. Her costs are $40,000 for labor, $10,000 for rent, $35,000 foringredients, and $5,000 for utilities. She has $100,000 of her own money invested in the operatio..
Jean-Pierre consumes only apples and bananas. He prefers more apples to less, but he gets tired of bananas. If he consumes fewer than 28 bananas per week, he thinks that one banana is a perfect substitute for one apple
roger has the following utility function with respect to wealthu 20w - 0.4w2.roger starts with w 25.a plot the
Suppose Jean Splicer, an investor, buys $100,000 of shares of stock in a diversified bundle of Bio-tech firms and exactly one year later sells those shares for $108,000. If the value of the CPI at the date of Jean's purchase was 160, and rose by t..
Use excel to find the covariance between the two variables. What does the covariance indicate about the relationship between finishing time and age?
Suppose the firm increases its wage to $47. What is the average productivity of its workforce? On average, what is the firm s profit per worker?
Is there market or government failure (regulation that is hurting rather than helping)? Note, anytime an industry is not a perfectly competitive market, there may be elements of market failure.
assume that a firm acts as a price taker. regardless of the demandit sells each unit of its product for 5.a assume that
Consider the canonical model with log preferences, log(c1(t)) + β log(c2(t)), and the general neoclassical technology F(K, L) satisfying Assumptions 1 and 2 (see Chapter 2). Show that multiple steady-state equilibria are possible in this economy.
Jane quit her job at IBM where she earned $50,000 a year. She cashed in $50,000 in corporate bonds that earned 10% interest annually to buy a mini-bus. Jane has decided to buy the mini-bus and set up a commuter service
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