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According to Dale Matchek in "The Social Function of the Entrepreneur," which of the following accurately describes the type of risk an entrepreneur faces thats can never entirely be eliminated? The risk of physical and emotional harm. The risk of spending too much time and effort trying to be succesful thereby jeopardizing personal relationships and individual happiness. The risk of losing their fortune. or The risk of running out of credit.
Country A and Country B both have the production function: Does this production function have constant returns to scale? Explain. Suppose that both countries start off with a capital stock per worker of 1. What are the levels of income per worker an..
An in dustry in which one firm can achieve economies of scale over the entire range of market supply is a
Consider the following game. There are two players, 1 and 2. They will play either Matching Quarters version A (with player 1 moving first), Modified Matching Quarters version A (where player 2 moves first), or Matching Quarters version B (where both..
How can trade liberalization exist on a nondiscriminatory basis versus a discriminatory basis? What are some examples of each?
The federal government provides a number of subsidies to the oil and gas industries. In defence of the subsidies, a spokesman for the industry observed “some alleged subsidies don’t even go to the industry.”
You have estimated that all consumers who buy from your firm have identical demands for your product. Each customer's demand is given by Q = 20 - (P/2), and your total cost of production is TC = 45 + 20 Q. You want to devise a two-part pricing strate..
How do we fight a recession using Monetary Policy (Make sure to include the 4 tools of monetary policy and how we should use them.) and Fiscal Policy (Make sure to include all appropriate graphs and equations):
Suppose a firm's inverse demand curve find the firm's optimal quantity, price also profit by using the profit also marginal profit equations.
Investors in the JMJ Group purchased hotel resort in April. The group paid $25M for the building and the land. The land was appraised $5M. The group sold the resort 3 years later in August for $30M. The land was appraised then at $10M. If the income ..
Last year, Dylan and Crystal Evans bought a home with a dwelling replacement value of $350,000 and insured it (via an HO-5 policy) for $310,000. The policy reimburses for actual cash value and has a $500 deductible, standard limits for coverage C ite..
Describe the two possible effects that an increase in the wage rate can have on labor supply. Which effect do you expect to dominate under normal circumstances?
Assume demand is given by: Qd = 80 - 4p. Assume supply is given by Qs = 40. What is the elasticity of supply? What is the market equilibrium?
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