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There is much talk today about the demise of development planning. Many observers assert that development planning has been a failure. List and explain some of the major reasons for plan failures. Which reasons do you think are the most important? Explain your thinking.
Suppose Noah and Naomi's short-run weekly production function for garden benches is F(L) = min{0, L - 2}, where L represents the number of hours of labor employed. The wage rate is $15 an hour. What is their short-run cost function?
What is the cost of producing q output in the short-run? d. What is the marginal cost of producing a 301s unit? A 401st unit? If you are comfortable doing so, you may answer this question by writing down the marginal cost function directly, rather..
Do they have different implications for inflation?
A study of costs of electricity generation for a sample of 56 British firms in the 1946-1947 yielded the following long-run cost function: AVC = 1.24 +.0033Q + .0000029Q2 - .000046QZ - .026Z + .00018Z2 Where AVC = average variable cost (i.e., work..
Discuss ways that a buying spree like that of Mr Van der Hoeven can create problems for the group auditor?
Show that for an odd number of voters and a given preference profile over a fixed number of alternatives, an alternative is a Condorcet winner if and only if it emerges as the social choice in sequential pairwise voting with a fixed agenda, no mat..
What is the Nash equilibrium to this game?
Does price discrimination increase or decrease the publishers profit?
Suppose the government wants to set a ceiling price that induces the monopolist to produce the largest possible output. What price will accomplish this goal?
Some special handling devices can be bought for $12,000. At the end of 4 years they can be sold for $3,500. Determine the book value of the assets after 3 years of depreciation using SYOD.
Assume an individual is currently using all of his income to consume two goods, X and Y. If the prices of X and Y are $3 and $8, respectively, and the marginal rate of substituion of X for Y is four, is this individual maximizing his net benefits
Suppose the own rice elasticity of demand for good X is -2, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is -6. Determine how much the consumption of this good will cha..
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