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An established firm is considering expanding its capacity to take advantage of a recent rapid growth in demand. It can do so in two ways. It can purchase fungible, general-purpose assets that can be resold close to their original value, if their use in the industry proves unprofitable. Or, it can invest in highly specialized assets that, once they are put in place, have no alternative uses and virtually no salvage value. Assuming that each choice results in the same production costs once installed, under what choice is the firm likely to encounter a greater likelihood that its competitors will also expand their capacities?
What is opportunity cost of cheese in France at 2 kilograms to Germany 1 kilogram? Which country France or Germany has comparative advantage in cars at France .25 and Germany .50 output per hours worked? And cheese France 2 kilograms, Germany 1 kilog..
It is unclear to a economic novice like me why OPEC is not cutting down production and raising oil prices. I have read several journalists commenting upon this on the internet but perhaps an economist can explain this current fact better.
llustrate what is maximum amount it would be worth to shareholders to elicit high CEO effort all time rather than low CEO effort all time.
You are given the following information about a monopsonist:
One of the central questions that society must answer regarding medical care is: What is the optimal mix of medical care expenses? Which of the following activities involve Mary playing a game of chance? Which of the following is an example of a game..
Subway charges a higher price for the 6-inch Veggie Delight Sandwich sub in New York City than it does in a small town in Iowa. Consumers collected coupons from free newspapers and magazines and take to the store to save money on products.
How did Maynard Keynes propose to address the Great Depression? Did it differ from the Classical views? How does it compare to Monetarism?
Trang has strictly convex indifference curves and is indifferent between the bundles (16, 2) and (2, 4). Use the definition of strict convexity to show that Trang prefers (9, 3) to (2, 4).
What do you think it resulted in less standing in line by pregnant women. Do you suppose and women became pregnant in prder to cut into the long lines.
Two identical firms, Firm 1 and Firm 2, compete in quantity in a market where inverse demand is P(Q) = 100 − Q and there exists a constant marginal cost of 20 per unit. Find the Cournot equilibrium. Find the response functions q1(q2) and q2(q1)
Think about how you can check whether marginal benefit equals marginal cost for each of your household’s activities. By what methods are your households scarce resources allocated? Identify those allocated by the market price; by command; by first-co..
Illustrate what happens to the marginal product of each individual factor as that factor is increased, and the other factor is held constant.
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