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Profit maximization
A firm has capacity limitations and charges $30 for their service during daily peak times. If the market demand elasticity drops from -3 during peak times to -5 at off peak times, how much should the firm charge to earn the maximum profit during off peak times?A. $20B. $21C. $24D. Not enough information to determine
Explain the trade-offs between any three of these options. In other words, what will you gain, and what will you have to give up if you choose each of the three options?
What is the marginal physical product of the fifth worker? What is the weekly wage of the fifth worker? What does the price of output need to be in order for the firm to profit from hiring the fifth worker?
The total sum of squares is 400 and the sum of squares errors is 100, what is the coefficient of determination?
What do you regard as the main weaknesses of the Ricardian or Classical model as an explanation of the trade patterns? Why do you regard them as weaknesses?
Between your answers to parts b and c, which prices/capacity are best applied from a social welfare perspective? Why?
The Heckscher-Ohlin model assumes that tastes are the same in Home and Foreign. Suppose now that tastes are different in Home and Foreign.
Suppose that the assumption in key concept are satisfied. Show that X i is a valid instrument. That is, show that key concept 12.3 is satisfied with Z i = X i .
Illustrate one half the present value of a $30,000 annuity for 30 years when discounted at 4 percent.
Explain the science of economics in the presence of making a profit with scarce resources
Illustrate the difference among the midpoint price elasticity.
If the price changes above occurred for all goods across the economy during the four year period, elucidate how nominal GDP and real GDP would differ.
The best Leisure John may get in a week is 168 hrs. Other than that how many hours a week John works, he gets a $200 allowance from his father.
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