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Questions
(i) You are an industry analyst. Last year, the production cost of Microprocessor increased remarkably due to labor unionization. Nevertheless, the industry experienced a sharp increase in total revenue. How do you explain this? The demand did not change. You must use a diagram to answer this question.
(ii) 5% decrease in price caused only 1% increase in total revenue. Is demand elastic, inelastic, or unit elastic? Explain.
(iii) Suppose one and only one worker is always required to operate one machine, and together they produce 100 units of output. Let's denote the number of worker by L and the number of Machine by K. What is the production function at this firm?
John has a utility function given by U(M) = M0.5, where M represents an amount of cash prize in a game. If John wins, with the probability of 0.2, he will get $900; otherwise, he g
Data were taken with a Data Acquisition System (DAQ) and stored in the data file 'data.txt'. 'data.txt' is a text file with 3 columns containing the following data: Column 1: Ti
Socialist Economy: The material means of production are owned by the whole community represented by State under socialist form of economy. All members have equal right in the benef
why can methane not be prepared by this reaction
1. Cost minimizing firms must be profit maximizing as well. False, why??
ESTIMATION OF NATIONAL INCOME: In India, the first attempt to estimate national income and per capita income was made in the year 1867-68 by Shri Dadabhai Naoroji. This was fo
The East Asian Miracle However the set of extraordinarily successful economies isn't limited to the set of original OECD economies. Economies of the East Asian miracle have ove
You are examining the effects of a specific tax of 10 cents imposed on the sales of a product that we shall call XYZ. To carry out your analysis, assume that the market is a perfec
what is the definition of economic system?
Case 1: The market for drugs Supply, demand, and equilibrium: The market for drugs. Suppose the market for drugs is a perfectly competitive market. Let the supply curve
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