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The lowest possible average total cost of producing a particular level of output, allowing for optimal selection of all factors of production is...
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Suppose that the behavior of households and firms in an economy is determined by the following equations C=50+0.
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Exercise 3 (Expenditure Minimization Problem) Suppese utility is given by U(.r,y) = a: - (1 + y), and the objective function is given by page + pyy....
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Nicole lives for two periods. In the first period she has income of 3. In the second period she will have income of zero.The interest rate and the...
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Assume that fruit-picking can be done by children or adults, but that adults are twice as efficientas efficient as children (they pick twice as fast)....
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Go to the U. Department of Agriculture website at www.gov (Links to an external site.) Select Find Charts or Maps. Under Economics, select...
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In your own words answer the following questions and upload your answers within an MS Word Document.
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The government of Optima, a small developing country which cannot affect world prices, wishes to achieve self sufficiency in food so that domestic...
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1 Savings, Investment, and the Current Account If a country's current account is in deficit today (period 1), what does this mean for the
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You manage a construction company and need to decide how many houses to build in a new residential area where your firm is the only builder.
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"Debate It! Monetary policy - Rules Versus Discretion. Please respond to the following:
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the Total utility from consuming 8units of a good is 155. The marginal utility of the 8th unit is 7 and the marginal utility of the 7th unit is 11.
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Suppose a special tax was introduced that used the value of one's automobile as the tax base. Each person would pay taxes equal to 10 percent of the...
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Graphically show the demand and marginal revenue curves for a) perfectly competitive firm, b) monopolist, c) monopilist that is able to perfectly...
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Kevin Coughlin, a lawyer working for a large law firm and earning $60,000 per year, is contemplating setting up his own law practice.
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Please listen to one EconTalk podcast that relates to a topic covered in class (see list below). In addition to your general reaction to the podcast, please include the title of the podcast you li
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ger),how do you use macroeconomic indicators in your business plan and strategy? Why are the indicators relevant for business decision making process?...
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According to the textbook, the changes in the macroeconomic indicators affect the economic decisions of the 3 economic agents (household, firms, and...
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I need help with this assignment You operate a delivery service in your local area, but you are thinking of expanding to another market. You're
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Use the following production function to answer the question: Q = 4L1/2K1/2Suppose that the price of labor is $2 and the price of capital is $18.
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25 A monopolistically competitive firm differs from a perfectly competitive firm in the long run in that __________.
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Discrimination?
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evidence shows that the quantity equation is correct over the long run, which implies that the *growth rate of inflation leads to growth in gdp
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Question 2 ( 14 points ) Suppose Wal Mart and other major stores will not accept credit cards and consumers will have to use cash more frequently in...
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A perfectly competitive firm has variable costs given by VC=q^2 and fixed costs of FC=$1. Calculate output and profits if the price were P=$4.
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Suppose that the manager of a firm operating in a perfectly competitive market has estimated the average variable cost function to be: AVC = 4.0 -...
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Explore how firms in monopolistic competition differentiate their products or services to generate a market niche and gain more control over their...
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I am OK with that, but I do not know how to do so.
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The next set of questions builds from this story: There is a firm, Colossal Coffee Roasters, Inc., which roasts coffee.
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Draw a supply-demand diagram representing the effect on the market for hybrid autos of a permanent increase in the equilibrium price of gasoline...
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Federal Reserve Bank Assets Liabilities Bank One Assets Liabilities Ban k Two Assets Liabilities
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1)GDP is used as a measure of macroeconomic performance. What, precisely, does it measure?
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Hula hoop fabricators cost $100 each. The Hi-Ho Hula Hoop Company is trying to decide how many of these machines to buy.
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3 General Equilibrium I Suppose there exists two types of agents in the economy : mangers and workers . The number of manger is En and the number of...
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Why do some countries have greater discrepancies between their nominal and real GDP than others?
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The Government Accounting Office (GAO) announces deep cuts to social security, Medicare, and welfare programs. Which determinant of aggregate demand
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What is an externality? Provide at least three examples. How does one of the examples you provided affect the market outcome?
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Ag Consider some firms with identical cost functions c(q) = 90 + 20q + 0.1q2 for q0, and c(0) = 0, where q is firm output. Suppose as well that...
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4 General Equilibrium I Suppose there exist a representative agent . Agent derive utili ty from consumption ( . If agent work for firm , the wage ate...
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Kay enjoys x but loathes y. Her preferences are consistent with the convexity and continuity axioms. Draw two of Kay's indifference curves. Be sure...
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(a) How is the medical care market different from other markets ?
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a).... [ Whil market-based hedging instruments can be used to offset or counter uncertainties in interest rates and exchange rates as they impact the...
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[.... If the spot rate for the Won is 800 won equals 1 US $, and the annual interest rate on fixed rate one-year deposits of won is 9% and for US$ is...
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What was the percentage change in the Nominal Mimimum Wage from 1970 to 2017? What was the percentage change in the CPI from 1970 to 2017?
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Microeconomics is considered to be the study of scarce resources (Perloff, 2007). Here, consumers (both individuals and organizations) must make...
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Gary transfers property in trust. The trust income is payable to Gary's grandchildren, as Winnie sees fit.
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Could a value chain be maintained without electronics and technology to support it? If so, how?
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Q4. Brenda and Sam produce Bread and Shirts per hour consistent with the following table. I Brenda I Sam Bread per hour I 6 I 1 Shirts per hour 2 1
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(Advanced analysis) Answer the next question(s) on the basis of the following information.
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What are some relevant public policy questions when government considers breaking up a Monopoly? How long can a monopoly earn economic profits?
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