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In class we built a Production Possibility Frontier (PPF) where each sector exhibits constant returns to scale technology and where sectors use die rent capital-labor ratio. Suppose now that both sectors exhibit increasing returns to scale.
(i) Provide a dentition.
(ii) Build the production possibility frontier for a two sector economy by using the same technique as in class (i.e. with the use of an Edge worth box) and by assuming that the two sectors use the same technology. Explain your answer.
(iii) Do the same as in (ii) when the two sectors use deferent technologies. Explain your answer.
If a product yields external benefits, then the:
If the market price of the product is 270, how much output should the firm produce in order to maximize profit. How much profit will this firm make.
State whether the following decision is a short-run or long-run decision:
Discuss and describe the effect you have on this process when you visit the ATM to get some cash to pay for your late-night pizza.
q1. 1. give an example of an organization or business in your area that performs the form function and explain why you
Airway Express has an evening flight from Los Angeles to New York with an average of 80 passengers and a return flight the next afternoon with an average of 50 passengers. The fixed costs for the plane are $3,000 per day whether it flies or not. A) S..
Compute a 99% confidence interval rather than a 90% confidence interval. The increase in confidence indicates that we have a better interval.
Mention three businesses that you are familiar with or that you have dealt with recently. Decide on which market structure that these businesses fit – perfect competition, monopolistic competition, oligopoly, or monopoly. What characteristics were mo..
describe whether that combination leads to more or less growth over the next period.
Illustrate what is point cost elasticity of demand with respect to company f for values of independent variable.
Compute the opportunity costs of going to each concert. Based on the Cost-Benefit Principle, which concert is the best choice.
If consumption and government purchases go up, what happens to GDP in the long run. Show this graphically.
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