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Suppose a firm faces the following demand for its output q: q = a + bp, where p represents the price it receives per unit sold. Let α be the x-intercept of this demand curve (p plotted on the vertical axis and q on the horizontal axis). Let β be the x-intercept of the marginal revenue curve, where β = cα. The factor c is [c]. (NOTE: write your answer in number format, with 2 decimal places of precision level; do not write your answer as a fraction.
The production function : q = L. This function is widely used in economic research. Using the function, show the following. statement in mathematical proof:
Suppose (contrary to fact) that the Scottish independence referendum had passed, Scotland had become independent, and you became its finance minister. Your first order of business is to recommend a currency for Scotland. Three proposals have been mad..
Your job – from the available facts, calculate the current year’s spending by category and in total. Then, calculate the expected spending next year assuming no changes are made to the plan.
What will happen if the growth rate of the money supply exceeds the growth rate of GDP? What will happen if the growth rate of the money supply falls short of the growth rate of GDP? What will happen if the velocity of the money supply decreases?
Consider a two-period economy with a single commodity (say leisure): X_1 is the consumption of leisure in period 1, and X_2 is the consumption of leisure in period 2. When Peter evaluates consumption streams, he cares only about the best time in his ..
Find an article in a recent newspaper or magazine illustrating a change in price or quantity in some market. Analyze the situation using economic reasoning. Has there been an increase or decrease in demand? Factors that could shift the demand curve i..
Assuming that your opportunity cost funds interest rate is 5% which refrigerator would you buy and why.
"Suppose the market for oranges is disturbed by below-freezing cold weather that destroys much of the orange crop in the California. Predict what will happen to the equilibrium price and quantity in the market for oranges because of this natural d..
Illustrate what happens to the marginal product of each individual factor as that factor is increased, and the other factor is held constant.
A renewable natural resource is one that can't be used without reducing the stock of the resource for subsequent use. An exhaustible natural resource is often managed in a manner that makes some of it available for future use. Oil and coal are renewa..
q1. explain the role culture may play in influencing entrepreneurship both at the individual and social level. define
Discuss using an example what are public goods and why does it lead to a free rider problem. Why is fishing in the ocean, where there are no well-defined property rights, a concern regarding our ability to ensure sustainable use of our fishing stock?..
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