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1) The great philosopher Rogers once said that you need holding knowledge (H), folding knowledge (F), and economics knowledge (E). Therefore, overall knowledge (K) can be expressed as:
a) Interpret this equation.
b) Use this equation to show and explain Young's Theorem.
What is the law of diminishing returns? Can you provide an example of when diminishing returns have set in (could set in) at a work place?
suppose the poorest 90 percent of citizens actually have an income of $15,000 because each receives $5,000 of unreported income from the underground economy. what is the Gini coefficient now?
Monica and her father own one of the three automobile tire stores in the city. No other city is nearby. They want do develop a strategy increase sales and market share in their city. What steps can they take?
The Wall Street Journal reported that recent law school graduates were having a very difficult time getting jobs in the legal profession. Many law schools said that ten to 20% of their graduates still had not found jobs.
When developing short-run cost curves, it is supposed that all firms in perfect competition have the same cost curves and they all make identical short-run profits or losses.
An interesting example of strategic behavior comes from the 1997 article regarding Microsoft's investment in Apple (New Straits Times, 1997). The article is included in Required Readings list.
What is the monopolist's profit maximizing level of output and what is the profit-maximising pricing strategy among the options
During that summer, he charged $1.69 each gallon for unleaded gas during daytime & $2.59 each gallon at night,
Show the impact on the equilibrium price and quantity that results from; (1) an increase in demand and (2) an increase in supply.
Law of Demand indicates that there is the inverse relationship between price and quantity, why does it matter which particular mix of price and quantity is selected?
Suppose the price of c increases to 2, while income remains constant and what happens to the consumption of c and h? Are c and h substitute goods, complementary goods, or neither?
Compute the Average cost, Marginal cost, Average Variable Cost and the output level at which Average Variable Cost is at a minimum.
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