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1. Briefly discuss the two problems that arise when considering the resource use in travel and tourism.
2. Why are the rewards for resource use in tourism often low? List and discuss various reasons.
A restaurant owner has the following short-run production function: Draw a table showing total, marginal and average product up to an input of ten workers, and plot these on a graph. Show the range of labour where stages I, II and III of production o..
Suppose that the cost function of a firm is C(q) = 10 + 3q + 0.1q 2 and that it operates under perfect competition. If p = 4, find the optimal quantity, the costs, the revenue and the profits. Find the price at which the firm makes zero profits, that..
Compute cumulative benefits per stage Compute cumulative patients per stage Graph the cumulative benefits curve Which variable represents marginal benefits per stage? C
Draw a demand and supply diagram of a bond market and show the equilibrium price and quantity demanded and supplied in the diagram. What are the factors that shift these demand and supply of bonds? What is the relationship between bond market prices ..
Elucidate the opportunity costs for the manager of being in this business relative to returning to his old job. what is the economic profit of the business.
q.assume there are 100 identical firms in an initially competitive market. market demand is given by p10-q200 and
Use the sticky wage theory of aggregate supply to explain what will happen to output and the price level in the long run. What role does expected price level play in the adjustment?
Initial economies of scale means that select one firms are experiencing lower average production costs due to a geographical concentration of firms in their industry that make it cheaper and easier to hire highly specialized worker and inputs firms w..
Briefly explain in words how the “money multiplier” is supposed to work. As we discussed in class, the Fed has not used money supply targets as a basis for open market operations since the early 1980s. What does the Fed use as a target instead? What ..
Indicate whether each of the following statements is true or false and then explain why you think this. Include in your explanation any pertinent institutional details and economic reasoning (including appropriate graphs and equations). According to ..
Predatory pricing is easy to prove in a court of law. An incumbent firm may experience a learning curve that allows it to produce at a lower cost than a potential entrant. A firm receives no individual benefit from strategies that raise the marginal ..
Statements best describes the twelve Federal Reserve Banks - When the Federal Reserve buys U.S. government securities on the open market. this tends to bank reserves and the money supply
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