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How come when marginal revenue = marginal cost it maximizes profits in competitive markets? It seems that if marginal revenue was much higher than marginal cost that that would be the most profit earned for the firm.
State the general meaning of elasticity as it applies to economics. Define the price elasticity of demand.A storm destroys half the banana crop. Is this event more likely to hurt banana farmers if the demand for bananas is very elastic or very inelas..
A project consists of 20 activities whose duration time estimates in days are given below activity duration activity duration
1. What are some of the factors that have contributed to labor market rigidity in Latin America? Provide three explanations.
Why do we measure changes in money supply? How changes in money supply are related to change in interest rates, economic growth and inflation? Why are currency and checkable deposits money?
Assume that the array A[1..n] only has numbers from {1,...,n2} but that at most loglogn ofthese numbers ever appear. Devise an algorithm that sorts A in substantially less than O (nlogn).
Which attribute should be split on first? Why? Show information gain computations that you used to induce a complete decision tree and draw the tree. Give the class labels for the following new examples base on your decision tree.
Task 1 - Commercial banks in United Economy have total deposits of AED 300 billion. Their reserves are AED 15 billion, two- thirds of which are with the Central Bank as deposits. There are AED 30 billion notes outside the banks. There are no coins..
Create a supply and demand graph and identify areas of customer’s surplus and producer surplus. Given the demand curve, determine what impact will an risee in supply have on amount of customer surplus shown in your diagram?
A firm has a net monetary liability balance of $10,000 on January 1, 2001. During the first third of the year, the balance decreased to $7,500. During the second third of the year, the balance increased to $12,500.
A perfectly competitive industry is characterized by the cost function for individual firms: TC(q) = 0.01q2 + 100
The system will have an administration module to administer the categories of the Shop as well as to block fraudulent users. The administrator will set up the Categories of the items.
l. How can you tell that this is not the long-run least cost of producing this level of output m. How would the firm adjust its labor and capital usage to produce this level of output at least cost in the long-run
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