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Keeping the Law of Diminishing Returns in mind, comment on the quality of teaching and learning that occur when a resident successively works her 60th, 70th, 80th and 90th hours in a week.
Why do shifts in production function takes place & how does it affect operational efficiency?
At the beginning of this year, daily consumption of gasoline in the US amounted to 344 million gallons. It is estimated that for every 10% increase in the price of gasoline, the demand for gasoline re
Ascaro incurs monthly total costs according to the function TC= 49+4q+q2 and monthly marginal costs according to the function MC= 4+2q, where q is the quanity of grapes produced bu Ascaro.
Relate the law of conservation of matter and energy to the air pollution problem; and
If an effort to “maintain national security” government demands the wheat growers in America to produce Qs=16million pounds per year. The market can be expressed as P=120-3Qd and P=5Qs. Wh
Assume that the government imposes a lump-sum tax on a monopoly, what will happen to the output and market price?
President Obama campaigned on the theme that he was going to reduce taxes for 95% of working Americans. Why would such a campaign promise be difficult to put into practice?
Suppose the elasticity of deamnd for cereal is 1.If cereal increases in price by25%, how much will the quantitiy demanded decrease by?
Keyenes consumption function appears to explain consumption over the short run but not consumption over the long run - why?
In the two sector economy where there is no personal tax,how is personal income related to personal consumption expenditures and personal savings?
GDP rises from 6 trillion in 2001, base year, to 12 trillion in 2008. the gdp deflator is 180. Find real GDP in 2008. Find the percentage increase in real gdp between 2001 and 2008.
If the market-clearing price is 6, obtain the profit maximising level of output.
A monopolist faces the demand curve Q = 60-P/2. The cost function is C=Q2. Find the output that maximises this monopolist’s profits. What are the prices at profits and that output? Find the elas
In comparing two otherwise identical industries X and Y, an economist finds that labor demand is more elastic in industry X. Which of the following would support this finding?
U.S. real gross domestic product increased from $10 trillion in 2000 to $15 trillion in 2010. During that same decade the share of manufactured goods (e.g., cars, appliances) fell from 16 percent to 1
Briefly explain how each of the following changes the money supply.a. the central bank buys bonds b. the central bank raises the discount rate
Give two example of a negative externality and two examples of a positive externality Explain why market outcomes are inefficient in the presence of externalities.
What is the optimal level of production of wine decanters and what is the marginal revenue from the last wine decanter sold and what are the total revenue, total cost, and net benefit (profit) from se
Amos Excavating Inc. is purchasing a bulldozer. The equipment has a price of $100,000. The manufacturer has offered a payment plan that would allow Amos to make 10 equal annual payments of $15,582, wi
Define carefully what is meant by a demand schedule or curve. State the law of downward-sloping demand. Illustrate the law of downward-sloping demand with two cases from your own experience.
Suppose the total benefit derived from a given decision, Q, is B(Q) = 25Q - Q^2 and the corresponding total cost is C(Q) = 5 + Q^2, so that MB(Q) = 25 -2Q and MC(Q) = 2Q.
Because of a recession, the inflation rate expected for the coming year is only 3%. However, the inflation rate in Year 2 and thereafter is expected to be constant at some level above 3%.
Assume that the real risk-free rate, r*, is 4% and that inflation is expected to be 8% in Year 1, 6% in Year 2, and 4% thereafter. Assume also that all Treasury securities are highly liquid and free o