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(i) Explain how MR and MC are used to determine the optimal (maximum) allocation of resources to a particular product?
(ii) Assume a position of business manager in certain firm. You just realized that MC exceeds MR. What will be your decision in allocating resources to this particular product? Explain why Marginal revenue (MR) is the change in total revenue due to an unit change in quantity. Similarly marginal cost (MC) is the extra cost od manufacturing a unit. These two concepts are very useful in optimal allocation of resources.
A purely competitive wheat farmer can sell any amount of wheat he grows for $20 per bushel. He is using a fixed amount of capital (tractors and plows) and he and his sister are the only workers. Thus cultivating each additional acre of land exhibits ..
The following two individual demand curves represent an entire market for a commodity. What is the market demand curve for the commodity? show the market demand in equation and graphical form. (a) P=60-10Q (b) P=60-15Q
The management of bank risk is a crucial function of management. What are the most important risk management principles that involve approving loans? Why do Adverse Selection and Moral Hazards make the underwriting process more complicated?
Write a 4-5 page paper in which you: Develop and discuss a relationship that can be modeled with a simple regression. State the model in mathematical terms. Estimate the model and interpret the meaning of the coefficient estimates. Discuss a hypothes..
Suppose an economy is in long-run equilibrium. The central bank raises the money supply by 5 percent. Use your diagram to show what happens to output and the price level as the economy moves from the initial to the new short-run equilibrium. What cau..
What is your opinion of this economics course? Did it meet your expectations? What suggestions can you offer for improvement of this course for future students?
______Companies that have flat organizations tend also to have
The Nash Equilibrium provided a new look at certain economic problems and won the Nobel Memorial Prize in Economic Sciences in 1994. Since it's creation, the Nash Equilibrium has been applied to "international relations" specifically for war and arms..
Real versus, nominal GDP Consider a simple economy that produces two goods: apples and envelopes. The following table shows the prices and quantities for the goods over a three-year period. The inflation rate in 2010 was. Why is real GDP a more accur..
Identify two goods each whose demands exhibits (a) high income elasticity, (b) low income elasticity, (c) high price elasticity, and (d) low price elasticity. What accounts for the differences in elasticity?
The difference between gross and net investment is referred to as:
q. 1. what change in the federal funds rate would you recommend?2. how would your recommended change get
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