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Here from a), profit maximizing price = 7 and Q = 10. It is shown in the figure below:- The consumer surplus is shown in blue area which is given as (9-7) *10*1/2 =10 dolla
An agency is having problems with personal phone calls made during working hours. Each minute of a personal call costs the agency $0.50 in wasted wages. The agency decides to hire
Until recently you worked as an accountant, earning $30,000 annually. Then you inherited a piece of commercial real estate bringing in $12,000 in rent annually. You decided to leav
Consider the following homogenous difference equation: xt=b0+b1xt-1 a) Iterate backwards xt can be written in terms of xt-2. b) Now show xt can be written in terms of xt-3 a
Export Promotion Measures: While a number of existing export promotion schemes such as incentive related to Duty Free Replenishment Certificate (DFRC), Duty Entitlement Pa
Product A is an end item and is made from two units of B and four of C. B is made of three units of D and two of E. C is made of two units of F and two of E. A has a lead time o
Determine the example of Currency inside banks is not money An example may also illustrate this important fact: Eric has 100 euro - this amount is obviously part of the
Given the following data for StewieLand, a closed economy in 2012… real gdp = $20,000 public savings = $1,000 consumption = $11,000 tax revenue collected = $4,000 Solve for
Learning Objective: Reinforce understanding of Power, β , and α . Problem: A packing process is designed to fill steel drums with 400 pounds of a chemical. To determine whe
What are the two main costs of economic growth The two main costs of economic growth are resource depletion and environmental damage. Economic activity needs factor inp
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