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Oil companies, prompted by improvements in technology and increases in oil prices, are drilling in deeper and deeper water. Using a marginal revenue product and marginal cost diagram of drilling in deep water, show how improvements in drilling technology and increases in oil prices result in more deepwater drilling.
What are the benefits of searching for market information? What are the costs? How does the existence of price dispersion affect the benefits? Could price dispersion exist in a world of perfect information? How do the costs of search affect the na..
If this individual thinks about the fact that he may be unemployed in any time period, how much should he save every (good) time period in order to have the maximum average or expected utility over time?
The unemployment rate skyrocketed during the Depression, peaking at nearly 25 percent in 2933. The current unemployment rate is just 5 percent. And that's only up from 4.5 percent a year ago. Contrast that with the far more explosive spike at the ..
Other things being equal, what does a lower interest rate mean for investors? What does a lower interest rate mean for savers?
Do you think these phenomena are related? Could higher wages and better job opportunities lead to a more capital-intensive way of performing household chores? Explain.
What do you understand by the term the term NAIRU? Using an appropriate diagram, show how attempts by government to reduce unemployment below this rate by expanding aggregate demand may only lead to higher inflation, especially in the longer term.
How is the equilibrium modified if there is a continuum of consumers, each of whom is ‘‘small'' relative to the economy?
The inverse-market demand curve for DRAM chips is P = 50 - Q, where Q is the total industry output and P is the market price. The marginal cost of producing DRAM's is $15. There are no fixed costs associated with producing the chips.
The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell at the following prices: $30, $29, $20, $16, and $12. Five buyers are willing to buy one widget at the following prices: $10, $12, $20,$24, and ..
Evaluate the overall explanatory power of the regression model. Use a 0.05 level of significance. State all your hypotheses and explain your results. Do not use rules of thumb. calculate the F statistic to answer this question.
Suppose there are n identical firms in a market. Each firm has fixed cost equal to 392, and variable cost given by VC = 2q^2, where q is the amount that an individual firm produces. This means that an individual firm's marginal cost is given by MC..
Suppose the cost of producing q cars is given by c(q) = 7500 + 2000q-10q^2 a. What is the variable cost of producing 10 cars b. What is the marginal cost of producing the 10th car
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