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The long-run equality of price and minimum average total cost means that competitive firms will use the most efficient know technology and charge the lowest price consistent with their production cost. That is, the firm will achieve productive efficiency.
Draw a current budget constraint for an assumed single mother (net of child care costs) who loves leisure. Draw the new constraint. Discuss the likely effects on labor force participation and hours of work.
Illustrate what effect on the potential industry profitability would Porter's Five Forces framework suggest this new technology has.
Illustrate what are the pros and cons of performing an engineering economic analysis
Suppose demand for the firms watches falls permanently to P = 20 - Q/20,000. In view of this fall in demand, what output should the firm produce in the short run? In the long run? Explain.
The key feature of the production function is that the marginal impact of capital per worker k = K/L on Y/L decreases as K/L increases.
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
In the boom years of the late 1990s, it was often said that rapidly increasing stock prices were responsible for much of the rapid growth of real GDP. Explain how this could be true by using aggregate demand and aggregate supply analysis.
What is a government budget deficit How does a federal budget deficit affect the economy How does it affect the level of investment and interest rates How does it affect the individual consume
An engineer considering for retirement decides that she wants to have income of $100,000 per year for 20 years with the first withdrawal starting 30 year from now.
Assume that the federal reserve wishes to keep nominal interest rate at a target level of 5 percent. Draw a money supply and demand diagram in which the current equilibrium interest rate is 5%.
An economist has estimated that, near the point of equilibrium, the demand curve and supply curve for bonds can be estimated using the following equation B: Price= -2/5 quantity + 940 Equation 1 B: Price= quantity + 500 Equation 2 a.
Elucidate the difference among the consumption of a free good and a good that is not free.
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