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Suppose that a firm, faced with constant input prices, recently increased the quantity of each of inputs by 10 percent. As a result, its output increased from 100 units to 120 units. Indicate whether each of the following statements is true, false or uncertain, along with a brief explanation. a) In this range of output, there are constant returns to scale. b) When the output is 100, LAC is downward sloping. c) When the output is 100, LMC exceeds LAC. d) When the output is 100, LMC is downward sloping. e) If the firm has increased the quantity of each input by 5 percent, output would increase from 100 to 110 units.
Suppose that inventories fall by $2 billion, consumption increases by $8 billion, unemployment insurance payments decline by $4 billion, and imports rise by $1 billion. By how much should measured GDP change?
Why did the federal government until recently put restrictions on interstate banking? Did those restrictions increase the stability of the banking system? What are some events that have changed the ability of the banks in U.S. to branch between state..
Willie will receive all his operating expenses, and in addition will receive $2,000 each year for the decline in value of the automobile.
Is this analysis consistent with the proposition which money has real effects in the short run but is neutral in the long run.
You have decided to study the market of fresh-picked cherries. You learn that over the last 10 years, cherry prices have risen, while the quantity of cherries purchased has also risen. This seems puzzling because, according to the simple demand and s..
The radio announcer just finished up the daily market report during which they stated that the price of wheat has risen to $4 per bushel. What type of statement did the announcer make?
What might you reasonably expect of an industry in which firms tend to have economies of scale?
Lucky Midas is a risk-averse gold prospector who has struck it rich. He has $W worth of gold— his only wealth—safely stashed away on his claim in the Yukon. He wants to get his gold from his claim to the big city where he hopes to spend it. His frien..
Contract law requires proof that the offeree 'intended' to accept the offer. It is not an uncommon defense for the offeree to allege that she did not intend to accept the offer. How would an offeror prove that the offeree did was bound by the offer a..
q1. 1. at point e in figure 8.4b is mp kr greater or less than mp lw? 2. explain how do you know? 3. use this
Which of the following is NOT an incentive scheme to ensure that workers do a good job?
The charter boat fishing industry has a marginal benefit (demand) for fishing trips out of Irondequoit Bay which can be expressed as a linear function of the price of the trip and the number of trips taken out of the port. This marginal benefit curve..
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