1. Answer four of the following. In each case answer True, False or Uncertain and explain...
Answer four of the following. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page. 1. (a) A firm has a technology that relies on only one input (call it x). The output of the firm (call it y) increases as you increase x but at a diminishing rate. Based only on the information provided, y-ln(x) would be a valid representation of this firms production function. A new virus has just been...
1. Answer four of the following. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page. A firm has a technology that relies on only one input (call it x). The output of the firm(call it y) increases as you increase x but at a diminishing rate. Based only on the information provided thern y-100 exp(-x) would be a valid representation of this firm's production function. (a) (b) Consider a person who...
1. Answer four of the following. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page. (a) The inflation rate fell from 3% in 2010 to 2% in 2011 . Prices were 1% lower in 2011 than in 2010. (b) A firm has a technology that relies on only one input (call it x). The output of the firm (call it y) increase as you increase x but at a diminishing rate....
True/False/Uncertain. For each question, answer “True” or “False” or “Uncertain” and explain your answer. (1) In any game between two firms that is repeated only once, the outcome will be perfect competition (P=MC). (2) Suppose that regulators decide to increase the gasoline tax by 25 cents per gallon to combat global warming. Then consumers will pay substantially more for every gallon of gas they purchase.
Please answer true / false / uncertain to the statement and EXPLAIN THE ANSWER. If the relationship between variables y and x has “jumps” and “kinks,” then it cannot be described with a linear model.
Answer four of the following, each question carries equal weight. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page. 1. (a) A consumer has a utility function that depends on only one good, X. Utility rises with x but at a decreasing rate. Based only on the information provided then U=ln(x) would be a valid representation of this consumer's utility function. (b) Consider a person who begins day 0 with 1...
Indicate whether each of the following statements is true, false, or uncertain and explain your answer. Be sure to clearly define any concepts included in your answer and label all graphs. Suppose that inverse market demand for Firm A sweatshirts is P= 200 – 2QD and inverse market supply for these sweatshirts is given by P = 7.5 + ½QS. The economic incidence of a tax on Firm A sweatshirts will fall more on consumers than on producers. Dan’s Deli...
1. Answer four of the following, each question carries equal weight. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page (a) A firm has a cost function that shows the minimum cost of producing a given level of output, (b) Consider a person who begins day 0 with 100 euro. At the start of the next day her money is halved and (c) Consider the system of equations Q. Cost rises...
1. Answer four of the following, each question carries equal weight. In each case answer True, False or Uncertain and explain your answer. Limit each answer to one page (a) A firm has a cost function that shows the minimum cost of producing a given level of output, Q. Cost ed then C-exp(Q) would be a rises with Q at an increasing rate. Based only on the information provid valid representation of this firm's cost function. Consider a person who...
Please state True false or uncertain and explain in 3 sentences why? 1)If an economy produces 2 goods (X and Y) subject to a PPB similar to that found in Fig 1-2 of your text, then the opportunity cost of Xrises as more of it is produced. 2)Suppose that, with an equivalent unit of resources, Canada can produce 6 tons of iron ore or 2 tons of bauxite and Australia can produce 2 tons of iron ore or 1 ton...