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In the short-run, a firm facing competitive input and output markets should shut down if the market wage is greater than the MRPN. Assume that labour is the only variable input.
Draw a diagram representing her budget illustrating and constraint her optimal option of leisure and consumption. Ensure she chooses to supply a strictly positive amount of labour.
An economy has only one member Robinson Crusoe. Robinson allocates his time between fishing and collecting fruits.
Suppose a firm’s budget were large enough to employ 100 units of either labor or capital, the cost of a unit of labor being the same as a unit of capital.
Write down the relationship between the interest rate and bond prices.
Hypothesis the basic short-run and long-run behaviours of the airline industry in the market economy.
Suppose that you will spend your entire $20. Write down your budget constraint. You may simply write out the equation or draw the budget line. You don't need to do both.
This writing assignment is intended to give you a chance to apply concepts to real economic situations. Think of these concepts (markets, elasticity, production, costs, market structures).
Consumers purchase a house or multiple dwellings for a number of reasons. But what is the rationale behind their decision to buy and/or sell a house, flat or apartment?
What is the inverse demand function for pork and how much would the price have to rise for consumers to want to buy 2 million fewer kg of pork per year.
Assume you own a home remodeling company. You are presently earning short-run profits. The home remodeling industry is a raising-cost industry.
A firm has the given total revenue (TR) function:
Under what conditions does a member of the winning coalition in country A and B support the aid-for-favors policy?
In the first paragraph describe what is the most important concept that you have learned from this course which best reflects on the attached article.
Your firm sells a perfume. The everyday demand for your perfume estimated by your economists is given by:
Suppose that milk operates in a perfectly competitive market, use a well labeled demand and supply model to describe how market equilibrium price of milk is being determined.
Why do marginal and average cost curves take a “U” shape
Describe how one derives the indifference curves from the 3-dimensional utility function. Draw the graph and give explanation. Which principle explains the concave shape of the utility function? Why
Write down the incentive compatibility and participation constraints.
Examine the factors that determine the price of computers in a free market.
Determine diagrammatically and explain how the market for organic grown eggplants will be affected if the cost of natural fertilizer increases.
How can the budget be improved and revenue estimation be exactly accessed at each level.
Compute the post-tax equilibrium price and quantity.
Assume that the capital can be purchased for $8 per unit and labor costs $6 per unit. Determine the optimal combination of inputs for the firm to employ
Find the optimal amount of x and y to buy if you have the following utility functions and budget constraints.