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"Indeed, it has been said that democracy is the worst form of government," said British Prime Minister Winston Churchill (1874-1965), "except all those other forms that have been tried from time to time." Some people make the same claim about more marketoriented forms of economic systems. What do they mean? Do you agree or disagree?
The daily production function of a lake is TP=30*F-F^2 (where TP=total daily harvest and F=number of fishermen per day). Suppose each potential sport fisherman on the lake has a daily opportunity cost of $20 and that each fish caught is valued at ..
List all conditions on the primitives of the model such that each firm is better o¤ after these mergers. Explain your answer (no proof needed).
A profit maximizing monopolist hires workers in a perfectly competitive labor market. Employing the last worker increased the firm's total weekly output from 110 units to 111 units and caused the firm's weekly revenues to rise.
Suppose two people, Michelle and James each live alone in an isolated region. Both have the same resources available, and the grow potatoes, and raise chickens. If Michelle devotes all her resources to growing potatoes, she can raise 200 pounds of..
For the duopoly model (1)-(2): Find all critical points, find the type of these critical points. Problem- The duopoly model describes a market with two firms only. They produce the same product and the supply is Q = q1 + q2
Suppose an economy's real GDP is $42,000 in year 1 and $43,200 in year 2. What is the growth rate of its real GDP? Instructions: Round your answer to two decimal places. The growth rate of the economy's real GDP =_____%
There is always some uncertainty with respect to predictions based on such models. Why? What is the source of this uncertainty?
The rental fees are $300 per month for single bedrooms, and $420 per month for doubles. Smith is a smoker and would be willing to give up $250 per month rather than give up being able to smoke at home.
Give an example of other characteristics of the data.
Making dresses is a labor-intensive process. Indeed, theproduction function of a dressmaking firm is well described by theequation Q = L - L2/800, where Q denotes the number ofdresses per week and L is the number of labor hours per week.
Consider the following information about Adam and Betty who wish to purchase season tickets for football and cricket at the Sydney Cricket Ground: Season ticket for cricket Adam's willingness to pay $100 Betty's willingness to pay $600
a. Find the uniform continuous probability for P(X 645) for U(0, 1,000). c. Find the uniform continuous probability for P(30
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