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If we assume only one factor (labor), we can demonstrate on the PPF the opportunity cost of producing less of one good and more of the other good by:
a. taking the sum of the marginal products of labor for the two goods.
b. taking the difference of the marginal products of labor for the two goods.
c. taking the ratio of the marginal products of labor for the two goods times –1.
d. taking the average of the marginal products of labor for the two goods.
Assume the annual demand for liquor in Mississippi. The supply of liquor is given by the equation Qs= 30,000P. Solve for the equilibrium annual quantity and price of liquor.
Compute the coefficient of variation for each project and Classify the preferred project according to this criterion.
Determine the impact on the economy if the central bank in U.S. used inflation targeting.
Suppose a consumer is at an optimum, consuming 6 hamburgers a week at a price of $1.50 each and 10 donuts a week at 50 cents a donut.
A competitive firm that is profit maximizing pays a wage. The firm has started marketing its new product.
How does the AICPA Code of Professional Conduct relate to ethics? Provide examples to support your response.
Illustrate what is the effective rate of protection on the process of turning corn into ethanol.
Should the firm increase capital and decrease labor or the other way around? When should the firm stop replacing one input for the other? Explain.
elucidate why not and propose a mechanism that might solve your dilemma.
At what value of X will Q be at its maximum. Illustrate at what value of X will Diminishing Returns set in.
Explain the difference between Discretionary Fiscal Policy and Automatic Fiscal policy. Provide an example of each.
llustrate the black market for lnternet access, comprising the implicit supply schedule.
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