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Draw an aggregate production function with typical shape and label it "F". Make sure to label the axis of the graph. Now, add two more production functions based on the following scenarios.
a. Efficient institutions are adopted in a country. Label this production function F2.
b. A new technology is adopted allowing greater productivity. Label this production function F3. How are these two changes different?
Is the publishing house making the optimal input choice? Why or Why not? If not, how should the manager of Largo Publishing House adjust input usage?
Redstone Clayworks, Corporation is located in Sedona, Arizona and creates clay fire pits for patios. They are one of about two dozen companies around the world that produce and sell clay fire pits for retailers such as Home Depot Lowe's Front Gate
Discuss the difference between the CPI measure of inflation as collected by the Bureau of Labor Statistics and the Billion Price Project (BPP), which is developed by researchers at MIT.
what you must give up to get something; what you are willing to give up to get it. the amount of money that you pay on the margin; the amount of money that you receive on the margin. what you are willing to give up to get it; what you must give up to..
Consider the competitive market served by many domestic and foreign firms. The domestic demand for such firm's product is Qd=500-1.5P. The supply function of domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250.
Suppose that raw materials (input R) are fixed at 10 units. Determine the number of units of input L that maximizes the total product function.
Compute the value of the marginal propensity to save. Compute the amount of autonomous planned spending, Ap, given that the interest rate equals 5. Compute the equilibrium level of income, given that the interest rate equals 5.
Discuss the relationship existing between production and cost. What is the MC function of the above TC function?
Assume that, in a perfectly competitive market at profit maximizing quantity, the market price is greater than average total cost. Describe what will happen to the number of companies,
Who has a comparitive advantage in jigsaw puzzles? If Tom and Tessa specialize in producing the good in which they enjoy a comparative advantage, what are the quantities of jigsaw puzzles and kites produced?
The marginal cost of making a wedding cake is $200. In order to maximize profits, Laura should make more than 20 wedding cakes per month. make fewer than 20 wedding cakes per month.
State the commodity in which each country has absolute advantage amd identify the commodity of comparative advantage for each country
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