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"Because agricultural demand is inelastic, a technological advance that lowers production costs will reduce total revenue. Thus, farmers have no incentive to introduce such a technique." True, false, or uncertain? describe.
Microeconomics, Economics
Question: Suppose the production function for a competitive firm is Q = K .75 L .25 . The firm sells its output at a price of $32 and can hire labor at a wage rate of $2. Capital is fixed at 1 unit. a. What is the profit ...
Question: a) Explain the import substitution industrialization strategy and outcomes both good and bad. b) Explain the export promotion industrialization strategy and outcomes both good and bad. The response must be type ...
Question: Research the role of an administrator in contrast to a non-management staff member in regards to risk management of an ADA (Americans With Disabilities Act) or workers' compensation incident in a typical health ...
Question: What is meant by absolute poverty? What measures of income poverty are favored by development economists? How do income poverty measures differ from the UNDP's Multidimensional poverty index? Why should we be c ...
Question: Suppose that the table presented below represents production and cost data from a single firm. The table displays the level of labor (L) and capital (K) chosen by the firm in each year from 2009-2017, along wit ...
Question: Assume that the marginal product of a server in a restaurant equals the number of customers he can wait on per hour. The restaurant owner currently uses one server and is considering adding a second to work alo ...
Question: In the case of a binding price ceiling, why is the price below the equilibrium price? Isn't it possible for suppliers to increase price (to hit the demand curve) at the quantity traded without losing consumers? ...
Question: Assume that a firm's analysis of its balance condition shows the following: P_L = exist10, P_K = exist100, MP_L = 30, and MP_K = 290. As a decision maker in this firm, what would you do in the short term to imp ...
Question: The American Cancer Society (ACS) is a nationwide, community-based, voluntary health organization dedicated to eliminating cancer as a major health problem. Together with its supporters, ACS is committed to hel ...
Question: A student makes the following argument: A price floor reduces the amount of a product that consumers buy because it keeps the price above the competitive market equilibrium. A price ceiling, though, increases t ...
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Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate
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