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1. What is meant by technological advance, as broadly defined? How does technological advance enter into the definition of the very long run? Which of the following are examples of technological advance, and which are not: an improved production process; entry of a firm into a profitable purely competitive industry; the imitation of a new production process by another firm; an increase in a firm's advertising expenditures?
2. Learning how to use software takes time. So once customers have learned to use a particular software package, it is easier to sell them software upgrades than to convince them to switch to new software. What implications does this have for expected rates of return on R&D spending for software firms developing upgrades versus those developing imitative products?
3. Why might a firm making a large economic profit from its existing product employ a fast-second strategy in relationship to new or improved products? What risks does it run in pursuing this strategy? What incentive does a firm have to engage in R&D when rivals can imitate its new products?
Assume labor is the only cost of production and labor coefficients (hours of labor required per unit of output) in MACONDO and KRYPTON for each good are as follows:
Assume the government decides to pass a law that requires all businesses to delay all future layoffs, giving at least 3 months notice to any workers they plan to lay off.
Describe the idea of trade offs cost also benefit analysis when answering the above question.
Illustrtae the marginal product of labor.
Explain how many years would it take to reduce the unemployment rate by 3 percentage points, assuming that the current GDP growth rate will continue into the future.
When figuring the number of people unemployed, is it the laborforce - the number of employed adults What abou adults in the military the nonadult population institutionalized adults and nonmilitary, non institutionalized adults not in the labor fo..
The costs of a purely competitive firm and a monopoly could be different because the competitive firm is unregulated. the monopoly controls the input prices. the monopoly might experience economies of scale not available to the competitive firm.
Describe the implications of this economic forecast and the income elasticity of demand for the pricing strategy.
Fiscal policies can work only if private enterprises respond to them in certain way; if they respond in other ways, the policies fail. Explain and give examples.Can the government make things worse by intervening in markets Are there other options..
Use aggregate demand (AD) and aggregate supply (AS) model in which the short run aggregate supply curve slopes upwards to illustrate the equilibrium level of real GDP and prices if the economy is operating:
Provide two terms which you have heard in the mass media, political arena, or in any other venue.
Calculate the price elasticity of demand for the product below using average values for the prices and quantities in your formula.
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