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Demonstrate that in the multiproduct-firm case, equating the Lerner indexes for all products is equivalent to setting the prices proportional to their marginal costs. Explain why the Allais rule is inefficient.
Potato chip industry in Northwest was competitively structured and in long run competitive equilibrium; companies were receiving a normal rate of return and were competing in a monopolistically competitive market structure.
Suppose there is a tax cut, holding constant government purchases and all other factors affecting the AD curve. Illustrate the short run effects on output and the price level and LABEL them.
1 long-term economic growth is a term used to describe thea more rapid growth in population than of real outputb
If all firms, existing and potential new entrants face decreasing industry costs in the long run under perfect competition, the industry supply curve will:
as a leader you will be solving a variety of problems. based on the research literature you reviewed propose solutions
describe how the budget constraint of a house hold in a two period model is affected by each of the following changes.
Always Round Tire has a production function of Q = 300 L.75 K.5. In the short run, if L = 250 and K = 25, what happens to the output of tires if L jumps to 300 and then 350. What law does this illustrate?
How do firms benefit from economies of scale - What might be some potential disadvantages of being part of a Hilton Hotels and Resorts?
1. Suppose the United States economy is represented by the following equations: Z = C + I + G C = 500 + .5YD T = 600 I = 300YD = Y - T G = 2000
b. Find marginal product. Find the number of labor (L) that the firm should hire to maximize marginal product. c. Find the number of labor (L) that the firm should hire to maximize total product of labor. d. Find the number of labor (L) that the firm..
consider a supplier of agricultural equipment who is deciding how much of two products should be produced by his firm.
Do you think governments should step in and help an economy move to potential or are "markets" capable of fixing themselves? Carefully consider the impact of falling prices.
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