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Assume that we have a economy with no government and no capital investment that is closed to the outside world.draw a simple circular flow diagram with just firms:downstream firms that product final goods and services for consumption, and upstream in production only intermediate goods that are used by downstream firms in production. Draw and discuss a circular flow of payments diagram in witch upstream firms and downstream firms are displayed separately.
What is double counting in calculation GDP? Explain why GDP does not equal total sales.
Whats the difference GDP and GNP ?
Fixed cost of production are $6 and the variable cost per unit of labor is $10. The marginal product of the seventh unit of labor is 4. Given this information. what is the total cost of production when the firm hires 7 workers.
Using a prisoner's dilemma game such as the "wedding game." explain how a positional arms race can occur. In your answer be sure to explain positional arms races, the nature of the wedding game, etc.
Determine the least cost size and number of the milk processing plant using the equation and Derive the marginal cost for the two products 1&2 and show that it is a constant.
Assume the following data describe the gasoline market: Price per gallon $2.00 2.25 2.50 2.75 3.00 3.25 3.50 Quantity Demanded 32 30 29 28 22 21 20 Quantity Supplied 16 20 24 28 32 36 40 (a) What is the equilibrium price?
Current economic theory and their application or lack of application to contemporary economic problems
Two months later, Mrs. Dodge split the workforce into two specialty groups, appointing Betty as the supervisor of one section and taking the other for herself. Betty's group consisted of three people: the two newest, whom she had trained, and one ..
Compute the physical units of production. Compute equivalent units of production for materials and for conversion costs. Determine the unit costs of production.
Should poorer 1rd World nations refuse "models based on economic laws" of universal validity and there are no universal laws. Describe if you agree.
Calculate the marginal and average variable product of each unit of labor input. Hint: plot your Units of labor and Units of Output vertically. Calculate total, average total, average variable, and marginal costs.
Draw a diagram with appropriate labels and indicate attainable, unattainable, efficient and inefficient areas on the diagram.
Ajax, Inc. has appointed you to examine the demand for its line of telecommunications devices in 35 different market areas.
Examine the extent of internal rivalry, entry, substitutes, buyer power, and supplier power within your industry, indicating whether each of these forces represents a high, medium, or low threat to profits.
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