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A firm uses two inputs, capital (K) and labor (L), in its production process. Capital and labor are perfect complements in production for this firm, meaning that they are only beneficial when employed together in specific proportions: specifically, they are effective when 1 unit of capital is paired with 1 unit of labor, and any excess of one input (any units not paired with a unit of the other input) is wasted.
Explain why does the aggregate supply curve become very steep after potential output is reached. What does it mean for inflation when the demand curve shifts and crosses into this steep portion of the supply curve.
Think of another good that you have purchased recently (or you could continue with the good you selected in TDA I). Be specific (e.g. is it breakfast cereal in general or Cheerios cereal specifically)
We give praises to the marketplace system also to the institution of private ownership of resources. But here we will find cases where firms do not act in the best interest of society.
Suppose that two companies are duopolists that produce identical products. Demand for the products is given by following linear demand function:
You must select between sports training or working full time. If you choose sports training, you will have less of a social life. You will also pay $20,000 A year for training, but you will get $15,00 grant.
Using the concept of opportunity cost, explain why in developed countries with higher average incomes there is more support for costly environmental controls.
In order to financially stimulate the nation, the Federal government injected $900 billion dollars into the economy. However, the results were less than spectacular. One reason could have been a failure to understand the marginal propensity to co..
What is the policy credibility and how is it relevant to the problem of reducing high inflation? How is credibility related to the time inconsistency problem?
Given a numeric production schedule, you will calculate profit and make decisions about short-run profitability to answer questions relating to your calculations. Jerry's Lock Shop is a perfectly competitive firm, and Jerry is operating at his lev..
The stock of ABC Corporation will go ex-dividend tomorrow. The dividend will be $0.50 per share, and there are 20,000 shares of stock outstanding.
Describe how marginal utility and the selling price of a goods/services determine: 1) Which goods and services are purchased first and 2) What quantities of a good or service are purchased. Explain fully.
Eagle Properties, a real estate investment and sales firm, presents a form contract to its customer Floyd, who wants to buy a certain quarter acre of land in a proposed housing subdivision that Eagle is marketing.
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