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Explain profit maximization from the following approaches:
a. total revenue to total cost
b. marginal revenue to marginal cost
Suppose you manage an agency that provides Meals on Wheels to infirm elderly residents in the county. The agency operates three kitchens. Each kitchen is producing one-third of the total meals every day.
A paper mill is considering two types of pollution control equipment. Neutralization - Initial Cost: $700,000, Annual Chemical Cost: 40,000, Salvage Value: 175,000, Useful Life, in years: 5
Discuss how the "tale of two auto plants" in the opening article shows how the choices facing a firm marking a long-run decision on plant location are much greater than those for a firm with a plant already in operation.
It has now become common for firms situating assembly plants to make states compete for their industry; states and local governments often race to offer most generous tax profits.
1) Whether an asset is "liquid" often depends on what situation you are in. For each of the pairs of assets below, which is more liquid in the particular setting? You want to buy a sofa: A savings account or currency You want to trade for a bolo..
Describe an externality created by a firm in your state. b. What are the social costs associated with the externality c. List three remedies that the federal, state, or local government could introduce to reduce the problem.
Suppose that the economy is initially at equilibrium, in which total planned real expenditures equals real GDP. Which of the following will occur if there is an increase in autonomous investment?
Suppose there are three countries in the world. Country A exports $11 million worth of goods to country B and $5 million worth of goods to counrty C, country B exports $3 million worth of goods to country A and $6 million worth of goods to counrty..
The article focuses on harmful economic effects, but also mentions some positive aspects. What are they? Does moral hazard apply to unions? Why or why not?
Define the term "opportunity cost." Now that you have a definition of opportunity cost weigh the positives and negatives of taking a leave of absence from work and moving out of town to attend college full time, or maintaining your job while atten..
A growing economy means that the economy is producing more and more "stuff", either because it has more resources (workers), or uses those resources more productively (smarter, better workers, working with better machines and systems).
The demand curve for a product is given by Qdx= 1,000-2px .02Pz, where Pz= $400 a. What is the own price elasticity of demand when Px= $154? Is demand elastic or inelastic at this price What would happen to the firm's revenue if it decided to chan..
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