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A university has 2 input variables, professors and staff. When it recently hired a new professor, the number of students increased by 3 per day. Then it added a new staff, and the number of students per day increased by 2. Professors cost $300,000 per year, and the cost of a staff member comes to $100,000 per year.
a) Was the University wise to add another staff member?
b) Why or why not?
A local market for three bedroom rental units is depicted by the following demand and supply equations;
For a perfectly competitive syrup producer whose average total cost curve does not change, an economic profit could turn into an economic loss if;
One popular voting scheme is rank order voting, where persons assign a rank (1,2,3) to the possible options; the assigned ranks are then added up and alternative with lowest sum wins.
Explain if you are traveling to Europe in six months and you believe the Euro is going to appreciate against the American dollar, list two ways you could hedge this situation and protect yourself against the appreciation.
Prior to opening his hardware shop Bob worked as an investment banker earning $175,000 each year. He pays his employees $150,000 per year.
Elucidate how these economic concepts can be used to address the firm's problems and opportunities.
Comparing which is the current quote has the Japanese dollar appreciated or depreciated.
Suppose that you will receive $2000 a year in years 1 thru 5, $3000 a year in years 6 thru 8, and $4000 in year 9 with all cash flows to be received at the end of a year.
The Congressional Budget Office (CBO) on August 25, 2009 estimated that the accumulated deficit from 2010-19 will approximate $7.137 trillion.
Describe the opportunity cost of good 1 in terms of good 2. Find out the opportunity cost of good 1 at the point where x1=1.
Theory Galbraiths of consumer demand has an important implication in terms of underallocation of resources to public goods.
Illustrate what is the correlation between all of these, and the level of unemployment and spending therefore GDP.
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