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In the old days lighthouses were built along the coast to prevent ships from running aground on rocks in unfamiliar ports. By shining a beam of light over a port and guiding ships away from rocks, these vital buildings reduced the risk for ship captains and were generally considered to be extremely valuable resources. Curiously, lighthouses were almost always run and maintained by local governments. Explain in economic terms why private firms would not run a lighthouse.
d) Which input bundle represents efficient production of 100 units of output if the rental paid to capital is $25 and he wage paid to labor is $50? Round any decimals to the nearest hundredth. e) Derive the firm's cost function using the rental and..
What is the CPI (Consumer Price Index) and what significance does it hold in regards to goods and services? Please explain in detail.
Derive the firm's supply curve, expressing quantity as a function of price. Derive the market supply curve if the company is one of 200 competitors. Compute market supply per week at a market price of $25 per rack delivered and serviced.
what is the levelized cost of electricity per kW-hr and Which press should you purchase if 120,000 nondefective units per year are produced by each press and all units can be sold?
Explain the relationship between the Magpie and the Eagle and explain what would be the effect of a 10% increase in the income of the target market have on the demand for the Magpie
minimum wage legislation increases costs of production (and thus product prices) and creates an excess supply (unemployment) of unskilled labor.
Price elasticity of demand depends on various factors. Explain each factor with the help of an example and how how producers equilibrium is achieved with isoquants and isocost curves.
Explain why government regulation is needed, citing the major reasons for government involvement in a market economy and justify the rationale for the intervention of government in the market process in the U.S.
Business proposal for your chosen good or service. Include assumptions about the elasticity of demand and the market structure for the good or service.
What will be the equilibrium price? What will be the equilibrium output for the industry? For each firm? What will profit or loss be per unit? Per firm? Will this industry expand or contract in the long run?
With respect to price elasticity of demand, create a graph using the information in figure 1. Illustrate the ranges on demand curve that indicate elastic, inelastic, and unitary elasticity.
The current market price is $7.50. At her profit-maximizing level of production, the average variable cost is $8.00, and the average total cost is $8.25. Mrs. Smith should.
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