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Robinson Crusoe receives utility from eating coconuts and fish. His utility function is U(C, F) = C + F, where C is units of coconuts and F is units of fish. If the price of coconuts is $10 and the price of fish is $1, what can you say about the bundle (combination of fish and coconuts) that maximizes Robinson's utility? (Note: you do not need to but you can make additional assumptions if it helps you answer the question).
List down the four distinct stages can be distinguished in the development of division of labour and specialization.
Refer to the information above. Which of the following represents the steady state growth rate of output per worker in this economy?
Give a precise statement on what devaluation of currency means?
What might be your variable costs be in the short run and how would you measure these That is, what items are the sources of your variable costs and how would you go about measuring the costs associated with them.
Expalin why might a firm making a large economic profit from its existing product employ a fast-second strategy in relationship to new or improved products.
What impact will an unanticipated increase in the money supply
One year T-bill rates over the next 4 years are expected to be 3%, 4%, 5%, & 5.5%. If 4-year T-bonds are yielding 4.5%, what is the liquidity premium on this bond?
(a) Find Clear Vision's profit-maximizing output and price. Determine the resulting profit for Clear Vision.
The production process of the firm you manage uses labor and capital. How does the long-run expansion path change when the wage increases while the rental rate of capital says constant? Draw a diagram to illustrate the change.
A perfectly competitive market exists for the intermediate product at P=$6. Determine algebraically the profit-maximizing outputs for the production and marketing divisions of the firm and the optimal transfer price for the intermediate product an..
Determine the profit-maximizing quantity for a monopolist. You can ask the firm's to draw the firm's revenue and cost curves
Explain why a firm should continue to operate in the short run so long as market price is greater the firm's average variable cost at the profit-maximizing level of output.
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