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1) Suppose the market for wheat is perfectly competitive. Suppose further the long-run supply curve in this market is increasing. Explain briefly if and how each of the following varies as market quantity increases: i) The number of firms ii) Input prices iii) Long-run profits
2) Suppose firms in a monopoly competitive market produce their profit-maximizing quantity, and their average total cost equals their marginal revenue. Should firm entry or exit in the long run?
no less than 1000 words excluding the title page bibliography and appendices.question 1. a study into the key
It is well known that, at times, public administrators have to make unpopular decisions. Propose two (2) leadership skills that are required for making difficult decisions in the current political environment. Next, propose two (2) actions that publi..
Bob consumes only apples and bananas. He always prefers more apples to fewer, but he gets tired of bananas. If he consumes fewer than 29 bananas per week, he thinks that 1 banana is a perfect substitute for 1 apple. His indifference curve that contai..
Show a T-account for a bank when you make a deposit of $3000 into your checking account. Assume the reserve ratio is 15%. If the lending process continues as far as it can possibly go, how many deposit dollars will be created from this initial $3000 ..
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If marginal cost is constant at $20 and fixed cost is $100, what is the profit maximizing level of output?
The BlackBerry production function is Q = 2.83L1.52K0.82. Epple et al. (2010) estimate that the production function for U.S. housing is q = 1.38L0.144M0.856, where L is land and M is an aggregate of all other mobile, non-land factors, which we call m..
If the prices of gold and other commodities increases how will this influence the value of the rand. Explain how will a depreation of the rand influence our exports and imports.
BC Junction purchased some embroidering equipment for their Denver facility 3 years ago for $15,000. This equipment qualified as MACRS 5-year property.
Suppose Russia's GDP increases at a faster rate relative to its trading partners over the course of the year. What will be the immediate impact on Russia's balance of trade?
Suppose she is offered a new job that would pay her $15,000 and would bring her earnings high enough so that she no longer qualified for any welfare benefits.
Do you answers to a) and b) reflect the law of supply or the law of demand? Plot the demand curve on a graph. Be sure to label the horizontal and vertical axes.
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