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Carefully explain the difference between the marginal rate of substitution and the marginal rate of transformation. Be sure to explain the economic meaning of each of these terms. What value does each of them take? (Answer should be in terms of marginal utility and/or prices)
Two power plants are currently emitting 8,000 tons of pollution each (for a total of 16,000 tons). Pollution reduction costs for Plant 1 are given by MCR 1 = 0.02 Q and for Plant 2 by MCR 2 = 0.03 Q , where Q represents the number of tons of pollutio..
Social Security and Medicare are clear examples of: a. capitalism. b. market-determined services. c. market failures and externalities. d. governmental intervention in the market. "Second-hand" smoke, an often cited disadvantage of allowing smoking i..
Two ice-cream stands are deciding where to set up along a 1-mile beach. The people are uniformly located along the beach, and each person sitting on the beach buys exactly 1 ice-cream cone per day from the nearest stand. Each ice-cream seller wants t..
the top ten percentile cutoff was 95 points. a. What is the standard deviation for the class? b. What percentile did you score in?
Controlling Costs goes beyond cutting expenses. Good companies emphasize continuous reviews of processes and procedures to do things differently, better and more efficiently. One example of this is preventative maintenance -- regular maintenance prev..
For the price function p(x) = 10 − sqrt 3x where p is in dollars and x is the number sold in hundreds (0 ≤ x ≤ 30), use R(12) and MR(12) to approximate the revenue when 1240 items are sold. [Hint: Revenue is price times quantity.] $ How much will the..
Which of the following would cause a movement along the supply curve (that is,a change in the quantity supplied)for hot dogs check all that apply
What would happen to the amount of economic investment made today if firms expected the future returns to such investment to be very low.
Deficient as the sole mechanism for determining the optimal level of resource employment.
The Federal Reserve System is structured in such a way as to insulate monetary policy from the political pressures characteristic of the rest of our political system of representative democracy. Do you agree or disagree with this quote? Explain your ..
Suppose there are two countries Home and Foreign. They have two factors of production, labor and capital. Using production possibility frontier for both countries show that at the same ratio of relative consumption of aircraft to cloth (Da/Dc) in two..
Why is monitoring and controlling the project cost important for the success of the project.
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