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1. Suppose that a monopolistically competitive firm must build a production facility in order to produce a product. The fixed cost of this facility is FC = $24. Also, the firm ha
Why were there not any sustained increases in material productivity of human labor back before 1500? Since improved technology quickly ran aground on resource scarcity. As huma
Infrastructure : Infrastructure plays an important role in the development of an economy. The adequacy or lack of it determines an economy's success or failure in increasing p
What two developments are demanding new ways of looking at the economic world in the 21st century? What kinds of sustainability questions do they raise? Two developments that
how to draw a table of the demand and supply scdule
introduction of production
The town utilizes standard disc type PD water meters for all residential connections. These meters were warranted by the manufacturer to be accurate within two percent of actual f
. Suppose fixed costs increase by $20. How will this affect TFC, TVC, TC, ATC, AVC and MC? Which numbers change and which stay the same?
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1) Lynne's income is £2, 000 and she is risk averse. The probability of someone slipping on her stairs is 1/8. If this happens, she will be sued for £1, 000 and will have to pay th
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