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Q1. Rex has determined that demand for his product is given by Q=180-5p and cost equation given by C=75+.3Q. Determine the optimal price and quantity for the firm.
Q2. How does Iraq's infant mortality rate correlate with Iraq's GDP per capita?
Q3. In 2009, a nation's real GDP were $250 billion and in 2010 it is $265 billion. Its population was 120 million in 2009 and 125 million in 2010. In 2010, what is its real GDP per capita?
Q4. Winston Churchill once thought that democracy is the nastiest form of government except for all others. In microeconomic terms what did he mean? Would a more practicable democratic system add to or reduce the ability of government to operate more efficiently?
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
The Australian government administers two programs that affect the market for cigarettes
How many tickets to sell to maximize total welfare.
The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled
Depict the von Neumann-Morgenstern utility index u in a diagram
What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution
Calculate gross national product and net national product
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