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A profit maximizing monopolist is earning a positive economic profit. The wage it pays its workers rises. How will the firm's choice of price and quantity change in response to the wage increase? Assume that the monopolist is still earning a positive profit after the wage increase. Explain and use a diagram.
Assume a perfectly competitive firm is producing a level of output at which MR
compare the automotive manufacturing industry today to the automotive manufacturing industry of the 1950s. applying the
Why people at buffet s put more on their plates and eat more the greater the variety of items they have to select from.
What is the probability of attendance between 39,000 and 45,000? e) What must the attendance be at a game, for that game's attendance to be in the top 1% of all games?
Explain why it is in the best interest of society to treat these types of property the same or differently.
Illustrate what is the distinction between marginal revenue product also marginal revenue. How does the government of Canada redistribute income.
Two firms are competing for output. The leader firm knows the market demand to be P=1200-Q with the follower firm demand Q2=400-0.5Q1. Both marginal costs is $200. How much will the leader firm produce?
If you were the angel investor, what is your certainty equivalent for these two projects? Are you risk-averse, risk-neutral, or risk-lover?
Adam Smith favors a policy of laissez faire in managing economic activities. Why? Economics deals with the efficient use of resources? Why? Marginal analysis tends to produce more optimal outcomes when working with scarce resources. How?
The traditional remedy for a nuisance is an injunction, and the non-traditional remedy is damages. Explain in a paragraph, circumstances in which the former is more efficient than the latter, and the circumstances in which the opposite is true.
Why do brides spend so much money on wedding dresses, whereas grooms often rent cheap tuxedos, even though grooms could potentially wear their tuxedos on many other occasions and brides will never wear their dresses again?
Use the 2007 numbers in the first column to compute, for each of the four countries, the percentage gap between the steady-state ratio.
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