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Question: Make an inventory of everything you own in your bedroom. Include everything from furniture and clothing, to computers and game systems. As you make your list, assign a monetary value for each item. For each value consider actual cash value and replacement costs (you should have 2 separate costs for each one).
Now review your list. How would you replace these items if they were damaged by a fire or some other peril? How much would it cost and what is the difference of cost for cash value and replacement? What are some items that can not be replaced or something you could not find value for?
Assume that the market for wheat is perfect competitive, with demand curve P = 5000 ? 0.01QD and a supply curve P = 1+0.1QS. Each identical wheat producer has a total cost curve given by T C = 1+Q+Q2 , which results in marginal cost of MC = 1 + 2Q. W..
Which one of the following statements about a market economy is? FALSE?
How do unlimited desires and limited resources combine to create the need for economic analysis?
(a) What is the average total cost of producing empanadas as a function of the quantity of empanadas produced?
Illustrate what government assistance programs does the Census Bureau consider when calculating household income.
Three firms produce an identical product. The market demand is as follows: q(p) = Qo if p ≤ 2, q(p) = 0 if p > 2. Production costs are zero for all firms. Each firm has a capacity constraint of 5 units. In each period firms set their prices for that ..
A change in the supply of tablets(i.e Ipad, surface, kindlefire and etc) a- result from a change in consumer taste and preferences b- leads to a change in the amount of tablet s offered at every price c- results from a change in the price of tablets ..
A couple wants to save for their daughter’s college expense. The daughter will enter college 10 years from now and she will need $45,000, $46,000, $47,000 and $48,000 in actual dollars for 4 school years. What is the equal amount, in actual dollars, ..
Smith cannot tell the difference between rice and wheat and spends all her food budget of $24/wk on these foodstuffs. If rice costs $3/1b, draw Smith's price- c
Suppose that in a year, a Canadian worker can produce 100 shirts or 20 computers, while a Chinese worker can produce 100 shirts or 10 computers.
A firm in a perfectly competitive market invents a new method of production which lowers its marginal costs. Illustrate what happens to its output.
Malaria is a contagious disease spread by mosquitoes. Mosquitoes bite an infected person and pass the disease along by biting an uninfected person. In developing nations, the spread of malaria can be diminished if people sleep underneath mosquito net..
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