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Address the following questions in your response:
(This does not have to be a papers-worth long, just enough to answer the questions as needed.)
Maria can read 20 pages of economics in a hour. She can also read 50 pages of sociology in an hour. She spends 5 hours per day studying. Draw Maria's production possibilities frontier for reading economics and sociology.
A classic example of decision analysis using maximum payoff is medical treatment versus prevention. Many healthcare organizations and professional groups face this difficult decision. Describe the process of coming to a decision about whether to scre..
Suppose the firms in a monopolistically competitive market are incurring economic losses. What will happen to move the market to its long-run equilibrium?
How can use the criteria for evaluating alternative methods of government finance to assess the most important revenue proposals of the 2018/19 budget.
A new computer lets a phlebotomist complete a blood draw in 10 minutes. the supplies for each draw cost $4 and the phlebotomist earns $20 per hour, The phlebotomy lab is designed to accommodate 20,000 draws per year. its rent is $80,000 per year. Wha..
Suppose if the price of a good is $5, the quantity demanded is 100 units; when the price is $7, the quantity demanded is 80 units. Use the midpoint approach to compute the price elasticity of demand. Is demand at this point relatively responsive or r..
A county is considering using a piece of park land for one of two alternative recreation projects.
Write an essay on the transformation of credit in the US economy. How did this happen (key events and new financial products?)? How has macroeconomics accounted for this transformation? Explain the terms ‘procyclical Leverage’ and ‘procyclical liquid..
Suppose that a perfectly competitive firms’ Total Cost function is given by: SRTC(q) = 50 + 80q –10q2 + .6q3. What is fixed cost equal to? What is Variable Cost equal to? What is Marginal Cost equal to? What is Average Variable Cost equal to? Find an..
Identify and summarize the dynamics involved in both kinds of market failure presented. How are these different economic breakdowns similar and different? Using your knowledge from all of the textbook chapters, what are the best ways to solve these e..
Consider the following demand curve, Qd = 100 – 2P and supply curve Qs = 8P-120. Find the equilibrium price, quantity, and producer surplus. In turns out that the production of the firm causes pollution. The Marginal Social Cost curve, Qs = 8P – 200...
Carl has a utility function U(x, y) = 2xy + 1. Maximize his utility subject to the budget constraint and derive his demand functions for x and y.
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