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In lecture we discussed why the production possibilities frontier (the boundary of the production possibilities set) is bowed 'outwards'. When might the production possibilities set be bowed 'inwards'? Give an example of a two-good economy where the production possibility set would be bowed inwards.
You expect a nominal rate of return on the oven of about 10 percent. Should you buy the oven if you are able to finance its purchase internally? Should you buy it if you are financing externally? Explain.
John operates a small business out of his home and has very little in terms of fixed costs. Answer the next questions (Parts A and B) on the basis of the following cost data for John’s firm operating in pure competition. If the product price is $45 a..
Assume that we draw two random samples of students from Coles college of Business. One group includes 10 economics majors and another includes 30 finance majors. From these two groups we obtain the following statistics regarding the performance on th..
If the objective is one of redistribution, what are the welfare implications of achieving this redistribution by providing cash supplements versus medical care to the desired beneficiary group?
Greg earns $10 per hour for work for up to 30 hours of work each week. He is paid $15 dollars per hour for every hour in excess of 30. Greg faces a 15 percent tax rate and pays 3 dollars an hour in child-care expenses for each hour he works. When gra..
A goatherd has the cost function c(y) = 2y2, where y is the number of tubs of goat cheese she makes per month. She faces a competitive market for goat cheese,with a price of $40 a tub. How many tubs should she produce per month?
Regarding the Theories of Public Policy, which one do you think best describes policy making in today's political environment? Explain your answer.
The Solow model focus on how resources affect output. This module/week, you focused on capital. Name the other two major categories of resources. Draw an aggregate production function with a typical shape; label this function F.
Intel is a monopolist manufacturing computer chips with a competitive fringe of firms that act as price takers of the price Intel sets. The market willingness to pay for the P80 chip is given by p = 400 - Q, with p in dollars per chip and Q in thousa..
Discuss the conditions that will help the union achieve the objective. Why might a union be unable to meet its goal?
Firm K can earn $35 million in profits from strategy S if firm L responds with strategy P, and $7.5 million in profit from S if L responds with strategy Q. Firm K can follow strategy T, which returns $26 million if firm L responds with strategy P and..
Assume that between 1990 and 2000 the money GDP of an economy increased from $3 trillion to $8 trillion and that the appropriate index of prices increased from 100 to 200. Which of the following expresses GDP for 1990 in terms of 2000 prices? Which o..
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