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What do we mean when we refer to basic economic difficulties of what to manufacture, how to manufacture, and for whom to manufacture? Please describe and elaborate the logic of looking at economics in this way.
Discuss are a good thing since they transfer resources from lower rated to higher rated activities thereby helping to maximize society's happiness?
What happens to the student's budget line? Illustrate the change with new books on the vertical axis. Is the student worse off or better off after the price change. Explain.
Consider a firm which employs capital and labor as inputs and sells 5,000 units of output per year at the going market price of $10. As well suppose that total labor costs to the firm are $45,000 annually.
Demand and supply functions of tomato are listed below, The maximum value of tomatoes that manufacturer will offer for sale if the price of tomatoes is $ 0.30
What does your anticipated adjustment process imply about the CR for the construction industry?
Estimate the demand function
what are the capital (k) and labor (L) elasticities of production? What do these elasticities tell you? Log Q=-1.5+.52log k+.65log L
Would the accumulation of historical prices and quantities exchanged in the market establish a long-run supply curve? How would the historical relationship differ from how firms (and economists) envision today's long-run supply in the industry?
Assume you're in charge of the toll bridge that essentially cost free. The demand for bridge crossings Q is given by P = 60 - 2Q. Draw a demand curve for bridge crossings
For many years, your company has been protected through patents, Technological change and introduction of new products have been slow.
Discuss the difference between a movement along and shift of the demand curve? Demonstrate the impact on the equilibrium price and quantity that results from;
How many units of phosphorus will these two firms emit if the phosphorus emissions are left unregulated? What is the socially optimal level of phosphorus emissions in the river?
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