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Q. Analayze the following two statements. Are they both true? Are they inconsistent with each other? Explain.
(1) "Firms will hire a resource only if they can make money by doing so."
(2) "In a market economy, each resource will tend to be paid according to its marginal product. Highly productive resources will command high prices, whereas less productive resources will command lower prices.
Help wanted advertising is higher than usual also the consumer price index is up more than expected.Inflation has slowed markedly also the Dow Jones average is at record levels.
Outline any two reasons, why the marginal revenue product differs between workers in different jobs.
Illustrate what is the value of the equilibrium exchange rate. Assume the demand for dollars increases by 300 billion at each exchange rate.
Explain how many cases of toothpaste should be produced in order to maximize profits. Illustrate what happens if its decided to raise prices unilaterally in this toothpaste market.
explain how much consumer spending takes place. Which of the following is something that they would include in consumer spending.
Illustrate what is the difference among a command economy also a market economy.
Disability payments replace a higher fraction of the wages of low-wage workers than of high-wage workers.
You read in a business magazine that computer firms are reaping high profits. Assume that the computer market is perfectly competitive.
Consider the following Demand equation that represents Demand for goods to your company produces q=100-2p. Total cost of production is cq. Given to your company's objective is to maximize profit
What is the opportunity cost of Josephine's trip to the wedding
Illustrate what is price should Big Steel set to maximize its profits. Explain how much steel will Big Steel sell? How much will its competitors sell.
Illustrate what happens when a per unit subsidy is replaced with a revenue equivalent lumpsum subsidy.
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