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Question: A comparison of two businesses Diagram 1 illustrates the market for children's toys, or indeed many manufactured products. (a) Illustrate on the diagram a rise in demand for children's toys. Draw the new equilibrium. (b) Following the rise in demand for their product, how is the factory owner likely to change her production levels in response to both higher demand and higher prices? (c) How easy will this be for the factory owner, presuming that skilled labour and sufficient raw materials are available to increase production levels?
If Congress took steps to consolidate banks, thereby reducing total number to 2500, what would you expect to happen to costs within banking industry.
Do you understand the difference between absolute and relative advantage and how it relatesto the PPF Curve (IE where each are determined?)
What do economists mean by "diminishing returns" to an input? What causes diminishing returns?
United States and China - You have been recently hired by a multinational firm that manufactures airplanes parts. They are interested in investing in a new factory. However, the CEO is unsure of where they should invest. Explain why you selected thos..
Improvement of the health health care systems in EU. Which policy would most likely be adopted in the real world?
What are the 4 economic events can shift the supply curve? Give an example of for each economic situation that will shift the supply curve.
The primary reason women tend to be paid less than men on average is: The expected rate of profit is greater than the interest rate.
what is the marginal utility of X? If a consumer moves downward along an indifference curve, what happens to the marginal utilities of X and Y? What happens to the MRS?
On a graph where the total income is on the horizontal axis and the number of tasks is on the vertical axis, why does the piece rate appear as a straight line? Show that if the piece rate goes up, the line become flatter.
What is a perfect (pure) price competition model and what are its assumptions? Explain in detail how the price competition model is supposed to work, its process and the outcome (this includes many components relating to the quality of goods, the typ..
Charlie likes both apples and bananas. He consumes nothing else. Charlie consumes x1 bushels of apples per year and x2 bushels of bananas per year. What is the function of budget constraint for Charlie and the marginal utility for the apples and bana..
A firm has the production function y = x1^1/2 * x2. In the short run it must use exactly 15 units of factor 2. The price of factor 1 is $75 per unit and the price of factor 2 is $2 per unit. Derive the firm’s short-run marginal cost function.
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