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Consider two perfectly competitive industries- Industry 1 and Industry 2. Each faces identical demand and cost conditions except that the minimum efficient scale output in Industry 1 is twice that of Industry.In a long-run perfectly competitive equilibrium, which industry will have more firms?What is economic rent? How does it differ from economic profit?
After graduating from HS, Ron plans to go to college. The college tuition is 15,000 a yr. But instead of going to college Ron can take a full time job that pays 20,000. If Ron decides to go to college, what is his opportunity cost for attending co..
Find the mean marginal tax rate for the population. How do these mean rates differ from the actual rates?
Use the following data to answer the following question: Price level 10 20 30 40 50 60 70 80 90 100 Real GDP $500 600 680 750 820 880 910 940 960 970 supplied Real GDP $960 920 880 840 800 760 720 680 640 600 Demanded
In what form is capital income paid when businesses own capital?
a. If the price of capital is $7.50 per unit what is the per unit price of labor b. How many units of labor should the firm use in order to produce 400 units of output at the least cost c. The minimum cost of producing 800 units of output is what
assume that now there is a sortage of qualified labor and maximum amount of labor hours company can use per day is 70 (workers in company receive 10EUR per hour).Which model of watches should companu produce to maximize its profit
Enter the value of the test statistic in the box below (rounded to 2 decimal places). 0 using a t-test with a 5% significance level and enter the critical value in the box
At what amount of labor input are the firm's average and marginal product of labor equal? Confirm that the average and marginal product curves satisfy the relationship discussed in the text.
In some developing countries, governments are forced to support large enterprises that persistently lose substantial sums of money. Why might this cause inflation?
Lube Job. Many gas stations and three specialty shops (Pennzoil, Jiffy Lube and Valvoline) do oil changes in Charleston, WV. You've probably been to one of these and know the productionmethod.
If land reform is efficient, why do you think it is not more commonly implemented? Why is a proper understanding of risks faced by smallholder farmers of such fundamental importance to agricultural development policy?
What are the relative merits of private insurance compared to coverage of costs from general tax revenues?
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