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If leisure is a normal good, the Laffer Curve can have an inverted U-shape only if leisure and consumption are (at least at some point) sufficiently substitutable such that the substitution effect (on leisure) outweighs the wealth effect (on leisure).
Find out the optimal crude oil allocation in the preceding example if the profit associated with fiber were cut in half, that is, fell to $0.375 per square foot.
For many years, your company has been protected through patents, Technological change and introduction of new products have been slow.
Show what happens to producer surplus, worker surplus and the gains from trade as workers migrate from a low- wage to a high- wage region. What happens to wages and employment if the government imposes a payroll tax on a monopsonist? Compare the r..
Oye and Maxwell's terminology is this an example of a "Stiglerian" or an "01- sonian" regulatory situation? Carefully explain your reasoning.
Purchase of machinery to be used in production unit - 100, Sales-200, Intermediate costs-90, Indirect Tax-12, Change in Stock-10, Excise duty-6, Stock of raw material-5.
describe why marginal analysis must be used in decision making with examples. Also, give examples of poor decision-making when sunk costs were used to justify choices, and discuss how legal and ethical issues may play a role in making decisions.
Explain why the productivity standard for the distribution of income entails rewarding people based on their contribution to society total output.
Derive the average cost of producing 100,000, 200,000, 300,000, and 400,000 devices per year with plant A. (For outputs exceeding the capacity of a single plant, assume that more than one plant of this type is built.)
Devise a government subsidy that will induce private education providers to educate socially optimal number of students. Explain. Provide a $ amount for the subsidy.Does it ever make sense to not educate some students. If the example were couched ..
In the Reflection Before Action: The Statistical Consultant Confronts Ethical Issues article, the authors cite the American Statistical Association's Ethical Guidelines for Statistical Practice (see the section "Ethics Provides A Defensible Respon..
Estimate the linear model described in part (a) using Ordinary Least Squares regression and display your regression results.
Does the answer to b depend on how much labor and capital are used If the price of labor is $4 per hour and the rental rate of capital is $5/hour, how much of capital and labor should be used to minimize the cost of production
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