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Distinguish the short run from the long run. Generally, what causes costs of production to vary with output in the short run? What generally causes costs of production to vary in the long run?
Carlisle Company has been cited and must invest in equipment to reduce stack emissions or face EPA fines of $18,500 per year. An emission reduction filter will
Is there too little, too much or the correct amount of milk produced from a socially optimal perspective? Prove your answer by drawing a graph representing the
AutoTrader.com would like to estimate the number of years owners keep the cars that they purchased as a new vehicle. The following data shows the age of seven vehicles that were sold for the first time by their owners. Using this sample, the 90% conf..
The stock price is $70. How big is the "bubble" on this asset? what price are people expecting this asset to be next year?
According to the Bureau of Labor Statistics, the distribution of consumer expenditures. If the negative income tax rate is set at 50 percent and the income floor is set at $5,000, a family that earns $3,000 would have a total income (including the in..
Consider the following two-player game. Players one and two simultaneously and independently choose integers weakly between -30
Mark's demand curve for the company's product is: At what output is the demand for the firm's product price elastic? If the firm wants to maximize its dollar sales volume, what price should it charge?
Now assume the following specific demand equation: p = 9 – 0.3q; r = 0.1; R= 80; mc = 2. Suppose the resource price is currently $3 per unit. What is the equation of MR? What is the specific MR corresponding to the initial point characterized by p = ..
Assume Harrison, Carla and Fred have only paintbrushes at their disposal. Illustrate what is the average labor productivity, in terms of square feet per painter-hour, for the three painters taken as a team.
In the five years ending 2011, Switzerland enjoyed a fiscal surplus that averaged 1.3% of GDP, a trade surplus that averaged 2.6% of GDP, and a government debt to GDP ratio that averaged 40%. Use the appropriate graphs for a small open economy to ill..
What argument could you make against such a change? Why do you think patents are commonly used even though they lead to monopoly problems?
Does the grocery store generate a more or less intense pattern of traffic than an office building, i.e. number of cars each day, frequency of cars entering and
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