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The labor supply curve for very gifted, unique people
The labor supply curve for very gifted, unique people is quite inelastic. Why do you think the labor supply curve for very gifted or unique people is quite inelastic?
Explain why the following statement is false: If a firm's output is increasing and marginal cost (change in total cost divided by change in quantity) is rising, then average total cost (TC/Q) must be rising also.
Illustrate what are the impacts of an easy monetary policy on the price-level and real output
Compute the total revenue and total economic profit at each level of output. Compute the pizza shop's marginal costs and marginal revenue level of output. What is the profit maximizing rate of output for pizza shop?
Describe the opportunity cost of good 1 in terms of good 2. Find out the opportunity cost of good 1 at the point where x1=1.
If I told you that GDP was forecast to rise by a bit more than 3% over the next year, what would that mean to you? What should you be asking about the forecast?
Your company is considering an investment project that will generate after-tax cash flows of $1,000 per year for the next three years (and then be scrapped, with no salvage value).
Provide an update on the economy-where is unemployment, what is the outlook for the deficit, what are the overall predictions for 2010 - 2012?
Assume that software purchases by businesses are treated as expenses, as they were before November 1999. Calculate GDP using three different approaches: expenditure approach, income approach, and product approach.
Is energy efficiency the same as economic efficiency? Explain. Under what circumstances would the energy-efficiency automobile described her be economic efficient?
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
All semester we have been tracking the economy to discern where it currently resides along the business cycle and where it seems to be headed over the next 6-9 months.
Price comparison services on the Internet (as well as shopbots) are a popular way for retailers to advertise their products and a convenient way for consumers to simultaneously obtain price quotes from several firms selling an identical product.
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