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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
What are the properties of cost function? Properties of Cost Functions: Some similarities are here with consumer theory. Such similarities are actually exact while one compa
Wealth Tax: A tax in that owners of specific forms of wealth (likereal estate, financial wealth, or inheritances) should pay a specified proportion of that wealth to government, us
3. You plan to sell a sunglasses clip that you can attach to a car''s sun visor. You can purchase the goods from a wholesaler at $2 a piece and there is an overhead cost of $500 pe
Five uses of elasticity on the Public Sector and five uses of elasticity on the Private Sector.
explain land as a part of the four factors of production
1. Nonwage Determinants of Labor Supply Suppose that two jobs are exactly the same except that one is performed in an air-conditioned workplace. How could you measure the value wor
How are the limitations of the economics theory affected? Limitation of Economic Theory: While examining the generality of an economic theory, one must realize any assump
Tom's pizza sells for $ 5.00 ea and serves an average of 425 customers per week. During a recent sale, Tom lowered the price to $ 4.00 per ea. Sales increased to 500 customers duri
Problem 1: (a) Differentiate between positive and negative externalities? Justify your answer using examples. (b) To what extent do government policies influence externali
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