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Illustrate that optimal quantities of labor and capital satisfy L/K = (α/β) (PK/PL). Give an intuitive explanation for this result.
Determine the marginal cost of an additional watch? As profit maximizer, what price and output must the firm set?
What affect (if any) would this have on firm Z's profit maximizing subscription price and number of subscribers?
Determine firm-s profit maximizing price and quantity. What is its profit?
It could be argued that rational buyer must never experience negative marginal utility. Describe why?
Find out the level of consumer and producer surplus? Show your findings in a graph.
Choice is between ice cream at $1 a cone and Big Macs at $2 apiece. Based on MU/P columns for Big Macs and Ice Cream, determine the utility-maximizing combination.
For each of the below scenarios, mathematically define the modified budget constraint. Then for each case, graph the original and modified budget constraint on a single graph.
Would you expect indifference curve to be steeper or shallower at points which represent lot of reading and very little writing? Describe why?
Solve for equilibrium quantity and price, after tax has been imposed. (Hint: Remember in equilibrium, qd = qs. However, ps = pd - τ when a tax exists. Substitute for ps, then solve for equilibri
By using the Internet, library and/or other resources, research and in brief describe 2 to 3 methods presently being used to encourage the economic growth
Choose a South American country to research. Choose one of the given economic concerns to research: quantities of specific goods and services Gross Domestic Product (GDP) unemployment
There are four factors which affect the price elasticity of demand:
Calculate the price elasticity of demand for paint and show your computations.
Factors influencing variable costs, comprising productivity and others that change the supply of and demand for labor.
Prepare a list of on-line and text based resources you might use to collect historical economic data and also economic forecast data.
Describe the pros and cons of four of the six correctional aims or goals of sentencing.
Explain which basic approach (laissez-faire, statism, socialism and welfare) you think is the best state system for handling the economy.
Suppose Caspian is a firm operating in a competitive market. The estimated its average variable cost function is shown below: + BQ + CQ2
Assume that the short-run production function for a specific product is represented by:
Compute the five-year growth rate in sales by using the constant growth model with annual compounding.
Most of the businesses (by number and total dollar sales) are organized as partnerships or proprietorships since it is simpler to set up and operate in one of such forms instead of as a corporation.
One disadvantage of switching from a partnership to the corporate form of organization is the given:
area of government policy decisions as economics is not an exact science and only gives us with theories on how an economy works.
From the scenario, scrutinize the key factors influencing the demand for and the supply of a good or service.