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A firm combines two resources, A and B, to produce an output level Q in a purely competitive market. The cost of a unit of A is $5 and the cost of a unit of B is $12. The marginal revenue product of A is $5 and the marginal revenue product of B is currently $12. What would you recommend that the firm do given this resource combination?
Explain the impact of steamboats on economic development. What were the Corn Laws? How were they finally repealed? What were the major provisions of the Cobden-Chevalier (Anglo-France) Treaty?
If France can produce either 20 wines or 10 chocolates with a resource unit and Germany can produce 30 wines or 10 chocolates with a resource unit.
If an outbreak of aflatoxin suddenly makes it impossible to produce any peanut butter, what will be the short-run total loss in consumer and producer surplus?
Suppose that the supplier is required to pay a per unit tax of t = $6. Draw a graph to show this change in policy compared to the no-tax policy.
Calculate the total, substitution and income effects for his consumption of X due to the price change of X.
An arithmetic gradient is to be used to approximate a geometric gradient for an engineer's salary, which is $35,000 initially. Both models assume the same raise
In a local hardware store, the price of the store brand indoor house paint. Determine the demand equation for the paint assuming that it is linear.
Draw up the payoffmatrix for game and do PA and LA have dominant strategies? Explain your answer.iii. What is the Nash equilibrium? Explain your answer.
Cinema Theater has estimated the following demand functions for its movies: Daytime demand, QD = 400 - 50 PD Nighttime demand, QN = 200 - 20 PN The marginal cost of serving another customer is $5 and its fixed costs are $100.
Explain Maslow's hierarchy of needs. Which need do you find most challenging? Why? What will it take for you to feel fully self-actualized?
Suppose a firm has the following total cost function; C(Q) = 363 + 3q^2. What is the minimum price necessary for the firm to earn profit?
what happens to the money supply interest rates and the economy if the federal reserve is a net seller of government
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