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At the fishing hole, people come from all around to catch fish to sell at the fish market. The total number of fish caught is F=10x-(x^2) where x is the number of fishermen. Suppose it costs each person $20 a day to fish and that fish sell for $10 each at the market. At the social optimum, how much would it hurt all the other fishermen (combined) if one more person started fishing?
a) $30
b) $20
c) $10
d) $40
Jean-Baptiste Say argued that entrepreneurs should be called the fourth factor of production because they organize the other factors and make things happen or else.
What kind of market structure exists for the oil producers (i.e. the ones who pull it out of the ground and ship and sell it as crude oil)? What does this market structure tell us about the pricing
Suppose that a firm sells in a competitive market at a fixed price of $12 per unit. The firm's cost function is: C = 200 + 4Q. Determine the minimum quantity at which the can break even. Are there multiple break even points? Explain in detail.
In this scenario the fixed loan was made prior to the unexpected inflation sodebtors will gain at the expense of creditors. Creditors, on the one hand, will lose because inflation will erode the amount of money they planned to earn on the loans. S..
Government involvement in general scientific research has been justified on the grounds that advances in knowledge are public goods- once produced, information can be shared at virtually no cost.
A vertical, frictionless piston-cylinder device contains a gas that is in equilibrium with the weight of the piston balanced by the internal pressure for the gas.
Describe why the results of computing cross-price elasticity can be useful in determining product relationships. In your explanation, contrast the different numerical values of cross-price elasticity and what each value indicates.
Who has the absolute advantage at producing Cigar and who has the comparative advantage at Bourbon and who is specializing in Bourbon according to Comparative Advantage now?
A profit-maximizing firm in a competitive market is currently producing 100 units of output. It has average revenue so $10, average total cost of $8 and fixed cost of $200. what is the profit.
Assume a certain firm in a competitive market is producing Q = 1,000 units of output. At Q = 1,000, the firm's marginal cost equals $15 and its average total cost equals $11. The firm sells its output for $12 per unit.
1. research how externalities impacted the development of communication infrastructure- both positively and
In what respect is the economic decision to move across international borders an investment decision and what are the "twin" problems of the health care industry as viewed by society? How are they related?
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