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Pick an actual firm, perhaps one from which you make purchases or your place of employment, and give practical examples of each type of cost that they incur. Can you relate the Law of Diminishing Returns to this firm and its production? Can you identify any economies of scale they experience? If you were to quantify the length of the short run for this specific firm, how long do you think that time period might be?
Suppose the equation for the demand curve for some product (X) is P = 8 - .6Q and the supply curve is P = 2 + .4Q. What is the equilibrium price and quantity? Now, suppose an excise tax is imposed on good X such that the new supply equation is P = 4 ..
One of these firms is considering opening up a new product line, in a market in which it would be the only firm. So, adjusting the notation to now capture demand in the monopolistically competitive industry with Q1(p1) = 140 − p1, and the demand it w..
The initial cost of constructing a flood control dam is estimated to be $5 million, with annual upkeep costs of $499,526. Annual benefits (e.g., reduced flood damage, agricultural development, and tourism, etc.) are expected to be $1.25 million, wher..
Under the responsibility scheme proposed by the Hong Kong government, households will be charged for solid waste disposal. Is this charge justifiable from an economics point of view? Explain your answer with a diagram. Is it fair to charge all househ..
International Monetary Fund? (IMF) "quotas" refer to
If the economy conducts expansionary fiscal and monetary policy, explain how this will influence the AD/AS model? Also, explain the implications of this type of policy on the overall economy using the model?
Hershey Park sells tickets at the gate and at local municipal offices. There are two groups of people. Suppose that the demand function for people who purchase tickets at the gate is QG = 10,000 – 100pG and that demand function for people who purchas..
The quantity demanded of the resource in each year is given by the equation Qt = 10 - Pt . The marginal cost of extraction is zero.
q1. external and internal equilibria are often contradictory goals and the policy-maker is forced to choose between one
In his article, "How Statistics Lie: Unemployment Can be Good for You", Steven Landsburg is arguing that inflation rate calculated simply as rise in price levels is not very informative. Explain the situation in terms of income and substitution effec..
The administration and management of tax and subsidies should be the tool for achieving fiscal policy toward economic stabilization and growth. Explain it in details and with examples.
Is democratic government and equal rights are necessarily related, in the way Lincoln's opening quote implies."As I would not be a slave, so I would not be a master. This expresses my idea of democracy. Whatever differs from this, to the extent of th..
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