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Consider economic theory:
a. Briefly explain how a map is a model.
b. Given an example of how a particular model can be appropriate in one context and inappropriate in another.
c. Identify the two attributes of a "good" economic model, and briefly explain the fundamental tradeoff between them.
Use the following FOC for schooling in the simplified model: f'(s) = r(f(s)+c(s)), in which s is total time in school (e.g., years of school attained), f(s) is the adult wage while working, and c(s) is the direct cost of school (tuition, transportati..
Suppose a basket of goods and services has been selected to calculate the CPI.
The White Company is a member of the lamp industry, which is perfectly competitive. The price of a lamp is $50. The rm's total cost and marginal cost functions are: What is the rm's economic pro t at this out- put? What is the rm's average cost at th..
There is no way to identify family types for pricing purposes also all costs are fixed so to maximizing total income is equivalent to maximizing profit.
Should the objective of the firm be shareholder wealth-maximization. Illustrate what are the limitations of the wealth-maximization model of the firm. What are the alternative models of the firm.
What is being held constant when the supply curve is constructed for a specific good like pizza or automobiles? Explain why the supply curve for a good slopes upward to the right
With the help of a diagram, discuss the effect of price ceiling imposed by the government on the welfare to the society (consumers' and producers' surplus) If the ceiling price were set below the equilibrium price.
Pick a topic and within your topic consider how economic forces (broadly defined) will impact technological development and how technological development will impact the economy.
Canon will receive payment from its dealers on August 28th, 2012. Assuming which Canon needs to cover its expenses in Japan
The table below shows information on demand and supply for boxes of 1 dozen water glasses. The lobbyists for the water glass producers persuade the government to establish a price floor of $48 per box. Sketch a diagram of the market for water glasses..
Farmers in certain areas of U.S. CAN GROW EITHER WHEAT OR CORN. IF THE price of corn increases the: The percentage change in profit that results from a 1% change in units sold equals: A monopolist maximizes profits by producing a level of output wher..
Consider the following investment project with a useful life of 8 years. The marketing department estimates that 10,000 units of the proposed product can be sold per year. Verify that the project is economically attractive (before-tax) at a 12% MARR ..
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