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Question: An electric power plant uses solid waste for fuel in the production of electricity. The cost Y in dollars per hour to produce electricity is Y = 12 + 0.3X + 0.27X2, where X is in megawatts. Revenue in dollars per hour from the sale of electricity is 15X -0.2X2. Find the value of X that gives maximum profit.
The following graph shows the short-run aggregate supply curve (), the aggregate demand curve (), and the long-run aggregate supply curve () for a hypothetical economy. Initially, the expected price level is equal to the actual price level, an..
Consider a permanent tax increase in the economic fluctuations model beginning from potential output prior to the tax increase. In the long run, as a result of the tax increase,
Consider a nation that produces baseball mitts and soccer balls. The following table shows the possible combinations of the two products: Baseball Mitts 0 2 4 6 8 Soccer Balls 30 24 18 10 0
What happens to total expenditure of the tour agency if the price falls from $350 to $250 per night per room? Calculate the demand elasticity of the hotel room. Is the demand for hotel room elastic, inelastic, or unit elastic?
An integrated, combined cycle power plant produces 285 MW of electricity by gasifying coal. The capital investment for the plant is $570 million, spread evenly over two years. The operating life of the plant is expected to be o20 year.
Describe how externalities may prevent market equilibrium and the various governments policies used to remedy inefficiencies in markets caused by externalities.
Describe how capital and labor affect the production function for both a toy manufacturer and a retailer during the Christmas retail season.
Microeconomics is considered to be the study of scarce resources. Here, customers must make allocation decisions. These 3-basic trade offs include which goods or services are to be manufactured,
A trade deficit for the United States is generally financed by: A trade deficit means a net:
What is the marginal propensity to consume in Freedonia, and what is the marginal propensity to save - What is the new equilibrium level of income?
Does either player have a dominant strategy? Does either have a dominated strategy? Explain.
choose a developing country and discuss its economic growth in the last 2-3 years. include the following
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