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Since the end of World War II, manufacturing firms in the United States and in Europe have been moving farther and farther outside of central cities. At the same time, firms in finance, insurance, and other parts of the service sector have been locating near the downtown areas in tall buildings. One major reason seems to be that manufacturing firms find it difficult to substitute capital for land, while service-sector firms that use office space do not have this difficulty. a. What kinds of buildings represent substitution of capital for land? b. Why do you think that manufacturing firms might find it difficult to substitute capital for land? c. Why is it relatively easier for a law firm or an insurance company to substitute capital for land? d. Why is the demand for land likely to be very high near the center of a city? e. One of the reasons for substituting capital for land near the center of a city is that land is more expensive near the center. What is true about the relative supply of land near the center of a city? (Hint: What is the formula for the area of a circle?)
A good which if supplied to one person is supplied to all and whose consumption by one individual does not prevent its consumption by another individual is known as: a private good. a public good. an external good. an internal good.
For decr returns to scale, if a firm hires double the amount of managers and also doubles all other input, the managers may not be able to manage their tasks at hand because of how difficult the company has become to handle. Therefore output will ..
With current technology, suppose a firm is producing 400 loaves of banana bread daily. Also assume that the least-cost combination of resources in producing those loaves is 5 units of labor, 7 units of land, 2 units of capital, and 1 unit of entre..
As seen during financial crisis of the 1930s and in history, markets are globally interconnected. Aside from financial markets, different countries have different resources.
What elasticity of demand did the Village Administrator seem to assume here in his prediction for 1970- 1971? Compute the approximate elasticity of demand (round off, two decimal places is close enough).
You and a friend are in an Italian restaurant and the owner offers both of you an 8- slice pizza under the following conditions: each one of you must simultaneously announce how many slices you would like to have (i.e., each player i is belong {1,..
Is innovation increasing or decreasing. Is the productivity of workers increasing or decreasing. Ellucidate what rewards exist for a company to be first with an innovation.
Make sure to properly cite and reference the article in your review, along with any additional sources that you use.
Utilizing aggregate demand, short-run aggregate supply, and long-run aggregate supply curves, explain the process by which each government policies will move the enconomy from one long-run macroeconomic equilibruium to another.
Currently, the extent of our economic difficulties has caused the economic policymakers to choose fiscal and monetary policies that are both expansionary.
If you were an economist for Mattel, manufacturer of the doll Barbie, determine which was making an unsolicited bid to take over Hasbro, manufacturer of G.I. Joe,
Illustrate what factors shift your demand for goods . Give an example of how a demand determinant shifted your demand for a good.
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