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Suppose the production function is given by Q = 5K + 3L. What is the average product of capital when 10 units of capital and 10 units of labor are employed? 5 8 3 30
In the old days lighthouses were built along the coast to prevent ships from runnung around on the rocks in unfamiliar ports. By shining a beam of light over a port and guiding ships away from the rocks, these vital buildings reduced the risk for ..
MICROECONOMICS
Suppose the landlord lets the tennants do whatever they want. According to the Coase theorem, how might Pedro and Mario reach an efficient outcome on their own What might prevent them from reaching an efficient outcome
Imagine your boss in the United States home office wants to know your perspective on the following. How do international sanctions, tariffs, quotas,
Does Budweiser have a dominant strategy and what is the equilibrium for this advertising strategy game? That is, in which cell will the firms end up?
Gizmos, Inc. produces gizmos at an average total cost (ATC) of $20 and an average variable cost (AVC) of $15. The only fixed input used in the production of gizmos costs $20. What are the total costs (TC) and total variable costs (TVC) of Gizmo’s cur..
In our treatment of the Ricardian model We have focused on the case of trade involving only two nations. Assume that there are many nations capable of producing two goods
The monopolist charges a single price for output, how much will he produce, what price will he charge, and what profit will he earn?
(a) What is the level of price, output, and amount of profit for an unregulated monopolist (b) Using the data in the table, what are the price, output, and profit for a regulated monopolist that sets price equal to marginal cost compared with an u..
An increase in the minimum wage could increase employment but decrease income. reduce employment and decrease income. increase employment and increase income. reduce employment but increase income.
According to Okun's law, what unemployment rates would we expect to see in this economy? b. Consider another economy in which the unemployment rate over the next three years is 6%, 7%, and then 4%. According to Okun's Law, what are the levels of s..
This result proposes that private parties (consumers and producers) can solve the problem of externalities on their own. A tax imposed on imports is called:
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