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Keeping in view the law of supply how the following factors will shift the supply curve? each answer must be supported by diagram?
i. if number of sellers increases in the market
ii. if OPEC announces to curtail oil prices in the Gulf Region
iii. if prices of Cut raw material increase in the UAE construction sector
iv. if government announces to provide subsidy on the manufacturing of plastic goods
A firm uses labor and machines to produce output according to the production function f(L, M) = 4L^1/2 M^1/2 , where L is the number of units of labor used and M is the number of machines. The cost of labor is $40 per unit and the cost of using a mac..
Autocorrelation does not bias the parameter estimates, however, few econometricians would trust parameter estimates derived from models with auto-correlated residuals. Why?
Which decision should Paul make using the expected utility approach? Compare with the decision using the expected value approach.
Explain why when using the expenditure method for determining GDP do we not include expenditure on intermediate goods, but when using the income method, we use the income of factors of production for both intermediate and final goods production?
Cole has $27 that he plans to spend purchasing 5 units of good X (priced at $3 per unit) and 6 units of good Y (priced at $2 per unit). The marginal utility of the fifth unit of X is 30, and the marginal utility of the sixth unit of Y is 30.
Identify a product or service produced by Wal-Mart. Describe the inputs used to produce this product or service as well as the types of costs involved in its production. Consider the following questions: What factors may affect the mix of inputs used..
Create graphs and tables to illustrate costs and revenues for firms in different market structures. You have learned about the market structures of pure competition, monopoly, monopolistic competition, and oligopoly. In this assignment, you will appl..
There are lots of differences between a market served by a monopoly and a market that is perfectly competitive. Sort the items below according to whether they are associated with a single-price monopoly or perfect competition.
According to a study, the scale of scores on an IQ test of adults is approximately Normal with mean 98 and standard deviation 17. The organization MENSA, which calls itself "the high-IQ society," requires an IQ score of 130 or higher for membership. ..
How do two relate among each other in the Circular Flow Economy and to the Government and Foreign Sector components. How does all this fit on a Wheel of Income.
Suppose a firm sells 20,000 units at a price of $10, but sells 40,000 units at a price of $8. Calculate the price elasticity of demand over these prices using the arc interval formula. Determine if the price elasticity if demand is elastic, inelastic..
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?
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