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Q1. What is the definition of Sanford Gordon in economics?
Q2. What is the relationship among marginal product and marginal cost?
Q3. Assume that businesses buy a total of $100 billion of the four resources (labor, land, capital, and entrepreneurial ability) from households. If households receive $60 billion in wages, $10 billion in rent, and $20 billion in interest, how much are households paid for providing entrepreneurial ability?
why do you think drug companies spend so much on advertising for drugs they have a patent on (essentially giving them monopoly power) but so little on drugs with an expired patent when generic alternatives are available
Illustrate the solution graphically using Labor Supply / Labor Demand and Production Function diagrams.
Illustrate what is the level of consumption at the equilibrium level of income. Compute the marginal propensity to save for this economy.
What will be the CS, PS, tax revenues and deadweight loss? Suppose the government increases the tax to $4 per unit. What will be the new CS, PS, tax revenues and deadweight loss?
q1. a third country fun land also produces food and drinks. in fun land one resource unit produces 8 tons of food and 6
Find out the total revenue and marginal revenue functions for men and women.
Include the circumstances of the proposed monopoly and the reason the government stepped in. Predict what would have occurred had the monopoly succeeded.
Assuming that the marginal cost is zero to provide the rides to those in attendance, what is the best pay-per-ride price
efficient markets hypothesis you invest 10000 in the market at the beginning of the year and by the end of the year
A recording company obtains the following information about the demand and production costs of its new.
Can you find a Nash equilibrium in pure strategies that is not efficient. In some legislatures, proposals for modifications of the law are formulated by committees.
Discuss how government intervention to address a market failure might worsen the situation. Provide an example of where government intervention does work and why that is so.
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