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A firm has inventory of second-generation chips for $100,000 based on their price a year ago. Since then, third-generation chips have been introduced in the market and the price of the old chips has been reduced by 10%. What is the opportunity cost of holding the inventory of the old chips today? Explain.
Company ABC uses two inputs, labour and capital, in its production process. Prices for these inputs are $11 per hour and $33 per unit for labour and capital, respectively. The marginal products of the two inputs are 24 for labour and 48 for capital, given the current amount of inputs. Is the firm using the cost-minimizing combination of labor and capital? If not, should ABC hire more or less labour?
Explain why we say that the marginal rate of substitution for perfect complements is zero.
If the price elasticity of demand for lamps is -1.2, how should the LampShop Co. change its price in order to raise its revenue? Explain.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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