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Question: Draw a "fuzzy" or "flexible" production function showing how accumulating more human capital (the variable on the horizontal axis) can result in different levels of per capita output (the variable on the vertical axis) depending on the spillover effects and positive externalities to the economy that human capital accumulation provides. Think, for example, of a string in the shape of a production function that is not fixed in place, but is capable of sliding upward as spillovers occur at any given level of human capital accumulation. Are there increasing returns to your input?
In the long run, the Martha Mowers can assemble 300 mowers per week at a total cost of $18,000, 400 mowers at a total cost of $24,000, or 500 mowers at a cost of $35,000.Plot points of the long-run average cost curve for these three levels of outp..
A profit-maximizing firm in a perfectly competitive industry should select the output level at which the difference between the market price and marginal cost is greatest.
A large electric utility company has proposed building an $820 million combined cycle, gas-powered plant to replace the electric generation capacity at one of its coal-fired facilities. Develop three other alternatives for replacing this electric gen..
Consider an economy with three equal sized economic classes: the poor, the middle class, and the rich. At currently prevailing prices, the rich buy new houses and after 20 years sell them to the middle class. The middle class buy 20 year old houses a..
What is the current stance of monetary policy? (Note that policy will be described in terms of increasing or decreasing the federal funds rate as opposed to increasing or decreasing the money supply.)
Assume a manager of a profitable department store you're confronted with the pricing problem. You've two types of customers
suppose in the short run a perfectly competitive firm has variable cost 3q2 and mc 6q where q is the quantity of
Describe the model of consumer buyer behavior. Providing a list of the steps or a graphic of the model is not adequate, as you must explain how the process works in the real world using your own words.
As mandatory federal spending becomes increasingly a larger share of the budget, should we worry that the economic stabilization aspects of fiscal policy.
Which is the better investment for someone wishing to invest a sum of money for two years.
If you receive a free ticket to a concert, what, if anything, is your opportunity cost of attending the concert How does your opportunity cost change if miserable weather on the night of the concert requires you to leave much earlier
increase aggregate demand by cutting government spending or raising taxes. decrease aggregate demand by cutting government spending or raising taxes.
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