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Are the following true, false or uncertain? Explain why.
• a) If there are no fixed costs and the marginal costs are strictly increasing, then the average cost curve is always bellow the marginal cost curve.
• b) If a firm’s expansion path is a straight line starting on the origin, that implies that we have constant returns to scale (Hint – think of the Cobb-Douglas production function).
• c) Theresa bought a store in 2001 for 600,000$. In 2002, she decided to open a business in that store, which brought her 100,000$ per year, in the last 5 years. The business has to be closed now due to a fire. Was having that business open a sensible choice by Theresa?
Eve bought defective ball bearings from Saginaw Corp. Alfred was the sole shareholder of the company and also its landlord. After Alfred sold all Saginaw's assets, he withheld enough money to cover the rent that Saginaw owed him. As a result Sagin..
The two primary issues in international commerce are dumping and tariffs. Dumping is the international form of predatory pricing, prohibited by the WTO. Tariffs are taxes on imported goods, effectively increasing the price on these goods.
A country has had a steady value for its floating exchange rate (stated inversely as the domestic currency price of foreign currency) for a number of years. The country now tightens up on (reduces) its money supply dramatically.
Explain carefully why interest rates on each of the following short-term financial instruments will be closely tied to the level federal funds rate: short-term bank CDs, short-term Treasury bills, short-term commercial paper.
A limited liability company is the best form of business for owners who or in a specific industry, two dominant firms work together to set prices.What we call this
Demand and supply situations in perfectly competitive market for unskilled labor are as follows, Estimate the industry equilibrium price or output combination both graphically and algebraically.
Within your supplemental readings for this semester, there are several discussions of the Keynesian multiplier. In the minds of the critics that you read, which is not a deficiency of the multiplier concept
Suppose equilibrium GDP is less than full-employment output and the economy is in a recession. What are the appropriate fiscal policies that would take the economy to full employment level?
Consider two firms X and Y that produce identically tasting cold drinks. In order to raise the demand for its cold drink, firm X raise its advertisement outlay.
What is the variable cost and when output is 10,000, what are the average variable cost and the average fixed cost?
What is the profit maximizing output if the price and What is the maximum profit that can be achieved - What is the marginal product of the 3rd worker
Other things being equal, a rise in a country's terms of trade increases its welfare. What would happen if we relax the ceteris paribus assumption, and allow for the law of demand to operate internationally.
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