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Important information about Perfectly competitive firms
A perfectly competitive firm should hire an additional worker only if:
a) total revenue is less than total cost.
b) the worker's marginal revenue product is less than the wage rate.
c) the worker's marginal product falls.
d) the worker's marginal product rises.
e) the worker's marginal revenue product exceeds the wage rate.
Sketch a graph of demand and supply curves that shows the effect of an increase in rainfall on the equilibrium price and quantity of corn. Do price and quantity increase or decrease?
According to the neo-classical economic theory, the market is a natural, self-regulating system that tends automatically towards the full employment equilibrium of supply and demand.
Assume that the nominal wage rate equals 60. In the short-run, aggregate demand and aggregate supply are equal at a price level of 1.0.
Two identical firms face linear demand. Market demand is given by P=30-Q. Compare graphically consumer and producer surplus in Cournot and Stakelberg equilibria to perfect competition.
Illustrate what fiscal policy or policies would be the best to get it out of the recession
Would you rather earn a 4 % nomical or 4% real interest rate? Illustrate by describing the difference between nominal and real variables.
Assume that Congress is considering imposing the 30% tariff on imported automobiles. Who would be the gainers and who would be the losers from such move?
The economy of a country called Econoland is described by the following desired aggregate expenditure components (all figures in billions of $). For the purposes of this question, the first set of equations will be referred to as fiscal policy1.
Maggie's utility function is and her income is $5000. Then her MRS at generic bundle (x1, x2) is 50-0.25x1. Commodity 2 is a composite good, and hence its price is unity.
Fiscal policy refers to the use of government expenditures or tax policy to influence the aggregate demand for a specific purpose.
Using the midpoint formula, calculate the price elasticity of demand for the following problem: Calculate the income elasticity of demand using the general formula for elasticity:
Dr Leona Williams a well know Plastic Surgeon, has reputation for being one of best surgeons for reconstructive nose surgery. Dr Williams enjoys a rather substantial degree of market power in this market. She has estimated demand for her work to b..
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