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suppose that a simple society has an economy with only one resource,labor. labor can be used to produce onlt two comodities-x, a necessity good and y, a luxury good.suppose the labor force consist of 100 workers. one laborer can only produce either 5 unots of necessity per month or 10 units of luxury per month.
on a graph draw the ppf. where does the ppf intersect on thy axis and where does the ppf intersect on the x aaxis?
Industries in the US also Europe can produce only two goods, cars also wheat. For given resources also technological how. Industries in the US can produce 1000 tons of wheat if no cars are produced.
Is the price mechanism of a perfectly competitive market a good mechanism to allocate gasoline.
Elucidate why your answer to part (a) is an example of marginal analysis also optimizing behavior in general.
Why the incidence of the tax a consideration when government imposes this tax increase.
Determine the price elasticity of demand at each quantity demanded using the arc or midpoint formula.
Demonstrate by example about production which exhibits constant returns to scale.
measured in thousands of units and price (P) is measured in dollars per unit. The equilibrium quantity in this market it.
Economic surplus could be increased at a higher price because firms would generate more revenue.
Explicate fully why the monopolist will never select to operate where the demand curve is inelastic.
Illustrate what output level would a perfectly competitive firm produce.
The marketplace is highly competitive, with boxes currently selling for $100 every thousand. Conigan's total and marginal cost curves.
Calculate the initial level of output per person, the growth rate of output per person also the level of output per person after 100 years.
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