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1.
a. Can you please define opportunity cost? With the aid of a carefully labelled production possibility curve, could you illustrate the concept of increasing oportunity cost. Why does opportunity cost increase?
b.
i. What is the difference between elastic and inelastic demand. Please be precise.
ii. If a restaurant increases its price of coffee from $ 1.00 to $ 1.20 and quantity demanded falls from 100 cups to 80 cups. How can I compute the price elasticity of demand?
Rcognize the three phases of production and describe why the firm short run production has only one rational stage of production.
Determine the rate of can rent capital and marginal productivity of labor at its new targeed level of output. To minimize the cost, the car company should hire capital and labor until the marginal rate of subsitution reaches what portion?
Write down some of the characteristics of perfect competition. Which kinds of industries come closest to perfect competition in the real world?
Describe why it would cost Andre Agassi or Venus Williams more to leave professional tennis tour and open the tennis shop than it would for the coach of the univeristy tennis team to do so.
Set up the Lagrangian for a cost minimization problem, then use it to derive the Hicksian demands for goods X and Y when the utility function has the Cobb-Douglas form
Research the economic costs involved in the conducting break-even analysis for good or service of your choice. Assess the factors involved in conducting the break-even analysis. Find out the conditions which might exist for the manager of this goo..
The small town of Middling experiences a sudden doubling of the birth rate. After three years, the birth rate returns to normal.
Describe why the following is an example of monopolistic competition: There are a number of fast-food restaurants in town, and they compete fiercely.
Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution and price elasticity of demand.
Briefly Explain how the Gross Domestic Product (GDP) affected the recession in the United States throughout the late President Bush and early President Obama years.
Find the equation of the new demand curve for Chevrolets. Plot the new demand curve, D1 c' and, on the same graph, plot the curve for Chevrolets, D c'. found in 2 (d).
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