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*Define scarcity and opportunity cost. What role these two concepts play in the making of business decisions?
a) what is Marginal Analysis? (b) Why Is Marginal Analysis Important in Economics? (c) What is the role of Marginal analysis?
Suppose a firm's inverse demand curve is given by P = 120 - .5Q, and its cost equation is C = 420 + 60Q + Q2.
(a) Calculate Price (P), Total Revenue (TR), Marginal Revenue,(MR) Total Cost (TC), Marginal Cost (MC), Total Profit and Marginal Profit for Q =15...35.
Q
P
TR
MR
TC
MC
Total Profit
Marginal Profit
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
illustrate what prevented the villagers from reaching this higher-income allocation of resurces when they acted independently
Compute the price and quantity of equilibrium in each country when both country A and country B are closed economies.
The following equations describe a small open economy. Calculate the equilibrium level of output (Y*).
Explain the role culture may play in influencing entrepreneurship both at the individual and social level. Define culture in your response.
Lean Burger's drive through receives 20 customers in every ten minutes of business time.
Compute the aggregate demand curve and aggregate supply curve that would maintain the state of economy in less than full-employment level of real GDP.
Suppose that in year 2008, the money supply is $400 billion, nominal GDP is 9 trillion, and real GDP is $4 trillion. Illustrate what is the price level. What is the velocity of money.
Is SPC employing labour and domes in an optimal ratio, assuming that substitution of resources is possible. Elucidate. Conclude marginal income products for exterminators and for domes/pumps employed by SPC.
Find the 90% confidence interval for the compensation of a year when the productivity is 85 and interpret the C.I.
pecifies that the real wage will rise by 10 percent in the second year of the contract. The CPI is 1.00 in the first year and 1.1 in the second year. Illustrate what dollar wage must be paid in the second year.
Explain and illustrate graphically relationship between price consumption curve of a normal good and a consumer's demand curve.
Illustrate the effect of increasing Government spending on all the macro-economic variables assuming a horizontal AS curve.
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