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The general supply function for the product X estimated to be Qs = -200 + 20P - 5PI + 0.5PR Where Qs is quantity supplied of good X, P is price of good X, PI is the price of inputs to good X, and PR is price of related (in production) good R. e. Based on the supply function above, what is the relationship between good X and good R? Explain. f. Derive the equation for the supply function if the input prices are $10, and the price of R is $20. g. What is the minimum price at which the producer will supply any of the good X at all? h. Based on your results above, determine the equilibrium price and quantity of good X. i. What is the market outcome if price is $40? What do you expect to happen in the market? Why?
Economists says as if economic growth is necessarily a good thing, many question the sustainability and even the morality of ever increasing economic growth.
Once again, assume Cournot competition in an industry in which market demand is described by P = 260 - 2Q and in which each firm has a marginal cost of 20. However, instead of two firms, let there now be four. a. What is the one-period Nash equilibri..
given the following production function y k14 l34 find the following a. per worker production function. b.
Elucidate the economic cost function for this business. What is the economic break even number of units for this operation.
A movie theater has estimated that demand for a movie ticket can be written as P1=10-Q1 for senior citizens and P2 = 12 - Q2 for rest of the consumers.
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one government strategy to provide for economic stability and encourage economic growth is to provide tax reductions or
Illustrate what are the long-run effects on prices, output, and profits in monopolistic and monopolistically competitive industries.
Describe prison labour and elucidate how it affects different cultures also societies and explain the rise and fall of labour in prisons.
Discuss the impacts that entrepreneurship and creative disruption have on existing organizations and the workforce (i.e. machines replacing workers, new skills required due to technological innovation, etc.). Should entrepreneurs be concerned with..
Comment on the effect of a recession on the investment curve (only) and on the level of savings, investment, and the equilibrium real interest rate in the financial crisis that hits United States first starting in fall 2007.
Assume a country has a population of 61 million, of which 37 million are in the working age population. Of those, eleven million are not in the labor force and 23 million are employed. Determine the labor force participation rate.
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