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You are organizing a group of people to visit a state park for a day trip. You have to rent cars and hire drivers for the transportation. If you rent C cars, and hire D drivers, your utility function is U=min(C, D), because you have to find one driver for one car. Suppose car rental price is $50 per day, and driver’s salary is $100 per day. Your budget is $1200. Draw the indifference curves and budget constraint. How many cars should you rent and how many drivers do you hire to maximize your utility?
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 50 - 0.5P, and the marginal cost of production is $60. Determine the optimal number of units to put in a..
A firm encountering economies of scale over some range of output will have a falling long-run average cost curve. How can diseconomies of scale occur at firms with larger capacities?
Suppose that full-employment (and full-capacity) output in an economy is $200. If Ca is $150, lg is $50, Xn is -$10, and G is $30, what will be the macroeconomic result?
Why are people who possess specific human capital less likely to change jobs, other things being equal, than those who possess general human capital? Does this imply that people who possess large amounts of specific human capital will never migrate..
Elucidate why is presidential power "conditional"-that is, why it affected so substantially by circumstance, the makeup of Congress, and popular support.
An economy starts off with a per capita GDP of $5000. How large will the per capita GDP be if it grows at an annual rate of 2% for 20 years? 2% for 40 years? 4% for 40 years? 6% for 40 years?
You can suppose any single peaked preference which you want and Characterize the equilibria of the model.
Explain a way that your family interactsin factor market and a way that it interactsin products market. Discuss how circular flow relates to current economic situations.
Which of the five characteristics listed in the text for human service professionals do you think is most important? Explain why.
Please, complete the following 2 applied problems in a Word or Excel document. Show all your calculations and explain your results. Submit your assignment in the drop box by using the Assignment Submission button.
The GDP is $40 billion below its potential value. It is expected that next-period GDP will be $20 billion below potential and that two periods from now it will be back at its potential level. The multiplier for government spending is 2. What is the b..
Interview a small business owner and ask him or her about both the positive and the negative role of government in their business. Write a 2 page summary of your interview and include the questions you asked.
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