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a) Show the tangency points of producing some output Q in two countries with identical technology and cost. Country A has higher wage rate compared to Country B. but country B has higher price of capital than Country A, why are the capital ratios different?
b) indifference curves can be positively sloping but the isoquants can never be positively sloping. Why or why not?
c) Input prices can change the production function and also the isoquants. Explain
d) suppose a firm is currently production an output Q using two inputs 1 and 2, where MP1/w1 = MP2/w2 = 1/P = 1/MC Can it still increase the profit? why or why not?
q1. the basic concern of microeconomics isto keep business firms from losing moneyto prove that capitalism is better
Illustrate what emissions fee should be imposed to achieve the cost-effective outcome. How much would each firm pay in taxes.
__________can lead to a situation where, even if sellers are faced with a situation of _______________, they will decide not to cut prices for awhile because they know that buyers in this situation will not react by purchasing a _______________ .
Firm A currently dumps 247 tons of chemicals into the local river. Firm B currently dumps 246 tons of chemicals into the local river. The government has decided to reduce the pollution and from now on will require a pollution permit for each ton of p..
You buy a house and pay for it. A year later the price of houses changes while all other prices(and your cash income) remain the same. Assume that houses can be sold and bought without incurring transactions costs. Show that the price change makes yo..
The manager of a local monopoly estimates that the elasticity of demand for its product is constant and equal to -2. The firm’s marginal cost is constant at $15 per unit. Express the firm’s marginal revenue as a function of its price. Determine the p..
A property can be sold for $2,946,300 with selling cost of 6% of the sales price. The mortgage balance at the time of sale is $1,600,000. The property was purchased 5 years ago for $2,100,000. Accumulated depreciation allowances of $380,000 have been..
Consider an infinitely repeated Cournot duopoly with discount factor ? 0, and inverse demand functions p(Q)=a-bQ, with a>c and b>0. Find the condition on the discount factor, ?,for which the two firms could successfully collude over the monopoly outp..
Economists’ models generally produce solutions that allow polluters to continue polluting to some degree. Why do economists favor allowing some pollution to continue? Provide a simple model that yields that result, explain the argument, and comme..
"Angela view Apples and Bread as a perfect substitutes at a 1:1 ratio. Thus she will always spend half of her income on each good. Graphically illustrate, aided with verbal discussion, why isoquants cannot intersect.
Suppose a demand curve has a vertical intercept of (0,100). Suppose a supply curve has a vertical intercept of (0,0). The equilibrium price is $50 and the equilibrium quantity is 60. What is the total surplus in dollars?
Assume that all other banks hold only the required amount of reserves.
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