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Suppose that the price per unit of input A is 2 euros, the price per unit of input C is 10 euros and the price per unit of input K is 24 euros. What is the minimum cost of producing 40 units of output y for the firm if the firm’s production function is Y = min { A/4 ; 5C } + 2K?
Use economic analysis to explain why the optimal amount of product safety may be less than the amount that would totally eliminate risks of accidents and deaths. Use automobiles as an example.
Which of the following statements describes the experiences of the Whirlpool Corporation since it was established in 1911? strong uninterrupted growth in demand, little or no growth in the long run, but very vulnerable to the business cycle.
María lives in the beautiful country of Inflationlandia. She earns 30 million pesos a month. She only consumes hamburgers and buns. The price of a dozen hamburgers is 2 million pesos and the price of a dozen buns is 1 million pesos. Graph her budget ..
If nominal wages rose 1.5% and productivity increased 3% in a given year, we should expect:
What is the difference between cost-push and demand-pull inflation? Which was the primary cause of inflation in the early 1970's? What type of inflation had the Federal Reserve been trying to prevent in 1998 and 1999? What about in 2005 and 2006?
In the fall of 2002 the Fed voted to decrease the federal funds rate target on several different occasions, reducing it from 3% to 1.75%. What action in the "open market" would the Fed's trader have had to take, other things equal, in order to induce..
Which of the following statements is true regarding trade in agriculture? The united states exports almost 50 percent of its agriculture production. In general, governments let agriculture markets operate on free trade principle. nations do not mind ..
A couple just welcomed the birth of their new child and decides to set up a an interest-bearing account for the child’s college tuition. They hope to save $100,000 by the time the child enters college. Given that they plan to increase their contribut..
Almost every item that we use in our day to day lives, has some component of 'International Trade' associated with it. For example, Colgate toothpastes are generally 'Made in Mexico', marketed by Colgate Palmolive, New York. Countless items are 'Made..
The marginal cost pricing model calculates a markup over marginal costs using estimates of the price elasticity of demand. Will any other pricing strategy result in higher profits?
Consider the two economies shown in Figure 3.1. When there is free trade, are we sure that each country should specialize completely in producing only one of the products? For instance, perhaps each country should shift along its production-possibili..
Below is hypothetical data for a manufacturer which possesses a fixed plant producing a commodity that requires only one variable input. Total Product is given. Total Fixed Cost is $220 per period. Units of the variable input cost $100 per unit of va..
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