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What is the difference between accounting and economic profit? Explain why is it appropriate for entrepreneurs to use economic profit when deciding whether or not to start a business or stay in business.
What is the expression for METAL,K given this production function?
An analysis of budget line items, costs, sources of revenue, and deficits
How does the amount of unemployment created by an increase in the minimum wage depend on the elasticity of labor demand Do you think an increase in the minimum wage will have a greater unemployment effect in the fast-food industry
Compute the marginal cost curve for Ajax.
What three things must equal price in a long run competitive equilibrium What adjustments occur if any of these doesn't hold How are each of these things brought into balance with price
income statement for sizzling foods inc. is shown belownbspnbspnbsp2011nbsprevenuesrevenue from sales of goods and
Describe how the market economic system works to answer fundamental economic questions. Describe how this may differ from a command economic system.
Describe the relation between marginal and average costs. Describe the relation between marginal and average fixed costs and between marginal and average variable costs and what best accounts for the saying "Too many cooks spoil the broth?"
A company is manufacturing output in a competitive market, where demand is P = 24 - 2Q. Describe the nature of the market failure and derive Pareto optimal level of output.
Imagine that you were the president of a merging county that is trying to reduce the number of its imports. Explain one (1) protectionist policy that you would utilize to help domestic industry over all.
woodco manufactures tables and chairs. each table and chair must be made entirely out of oak or entirely out of pine. a
a firm uses two inputs, capital and labor. in the short run, the firm cannot adjust amount of capital it is using, but it can adjust the size of its workforce. What happens to the firm's average total cost curve, the average variable cost curve
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