Suppose that a business incurred implicit costs of $200,000 and explicit costs of $1 million in a specific year.1. Suppose that a business incurred implicit costs of $200,000 and explicit costs of $1 million in a specific year. If the firm sold 4,000 units of its output at $300 per unit, its accounting profits were: A. $100,000 and its economic profits were zero. B. $200,000 and its economic profits were zero. C. $100,000 and its economic profits were $100,000. D. zero and its economic loss was $200,000. 2. Which of the following is a short-run adjustment? A. A local bakery hires two additional bakers. B. Six new firms enter the plastics industry. C. The number of farms in the United States declines by 5 percent. D. BMW constructs a new assembly plant in South Carolina.
September 3, 2020
100 words min, no cut and paste, cite refs Do you think that because people are moving to more cities and suburbs that they become more disconnected
September 3, 2020

Allocation I: x1 = 50, y1= 60, x2 = 75, y2 = 60

20. What is the value of MRS1?

21. What is the value of MRS2?

22. Is I pareto efficient (EF) or Pareto inefficient (IN)? State in your work the equality or inequality that proves your claim.

23. What is the value of 1’s utility (this expression contains ln)?

24. What is the value of 2’s utility (this expression contains ln)?

KM
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