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In China, it takes 100 hours to produce 1 digital camera or 4 hours to produce 1 lb. of wheat.In S. Korea, it takes 60 hours to produce 1 digital camera or 3 hours to produce 1 lb. of wheat.
What is China's opportunity cost of producing one pound of wheat?
Calculate Lorie's profit-maximizing output, price, and economic profit. B) Do you expect other firms to enter the singing lesson business and compete with Lorie C) What happens to the demand for Lorie's lessons in the long run
A Man is planning to retire in 20 years. He can deposit money for his retirement at 6% compounded monthly. It is estimated that the future general inflation rate will be 5% compounded annually. What deposit must be made..
The following table is the pay off matrix for zero sum game. Estimate the each players dominated strategy of the following zero sum game?
Suppose that the total benefit and total cost from an activity are, respectively, given by the following equations: B(Q)=150 + 28Q - 5Q^2 and C(Q) = 100 + 8Q. (note: MB(Q) = 28 -10Q and MC(Q) = 8). Write out the equation for the marginal net benefi..
If the incremental cost of the sequestration process is $.019 per kilowatt-hour, what is the present worth of the extra cost over a 3 year period to manufacture plant that uses 100,000 kWh of power per month, if the interest rate is 12% per year c..
Wage rigidity: Consider an economy with the following Cobb- Douglas production function: Y=K^(1/3)L^(2/3)The economy has 1,000 units of capital and a labor force of 1,000 workers. a. Derive the equation describing labor demand in this economy as a fu..
suppose in 2010, the cost of a market basket of goods was $2001. In 2012, the cost fo the same amrket basket of goods was $2,105. Calculate the price index for 2012, using the price index formula, asume 2010 is the base year________
A random sample of 25 employees of a local company has been measured. A 95% confidence interval estimate for the mean systolic blood pressure for all company employees is 123 to 139. Which statements is valid.
The inverse demand curves for each of the two groups are given below. The marginal cost (which equals the average variable cost) of serving an additional patron, either senior or everyone else, is equal to $4. Fixed costs are equal to $1000.
A major advantage of production function is that it can be easily transformed into a linear function, and thus can be analyzed with the linear regression method.
Net present value: Kingston, Inc., is looking to add a new machine at a cost of $4,133,250. The company expects this equipment will lead to cash flows of $814,322, $863,275, $937,250, $1,017,112, $1,212,960, and $1,225,000 over the next six years.
Assume the point elasticity method. A 10 percent increase in income brings about a 15 percent decrease in the demand for a good. What is the income elasticity of demand and is the good a normal good or an inferior good
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