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Applied Economics

Total revenue exceeds peak

I know that when Total Revenue reaches its peak (TR=1), then the Marginal Revenue =0, but when Total Revenue exceeds its peak, what does the Marginal Revenue reach?

Case Study-Control Data

I have a short case study to analyze. However, I don't know how to defend my answer properly. There is no right or wrong answer, but I need to have a valid argument to the answer. In general, a clear written explanation is enough, but if you want to use graphs, numerical examples, or anything else to strengthen your argument, th

Research positive and negative externalities of airline industry

Find 2 sources to help you answer the following questions about the industry you chose: Research any negative or positive externalities the industry produces. 1) Does the transaction of a buyer and seller directly affect a third party? Is the effect a negative or positive externality? Please explain. Research whe

Workers start at firm A when they are 18...

Workers start at firm A when they are 18. The VMP of each worker remains $18 throughout their work life. Given the firm's concern that workers shirk, they start workers at $10 and increase the pay by $0.40 each year they are on the job. Assume that the firm does not have a pension plan and r=0 for all workers. (i) For wha

Labor economics

2. Andre's wage-schooling locus can be described by the following table Years of Schooling Annual Earnings 11 22,000 12 30,000 13 35,000 14 38,000 15

firm in an oligopolistic industry

A firm in an oligopolistic industry has the following demand and total cost equations P = 600 - 20Q TC = 700 + 160Q + 15Q squared Calculate: A. Quantity at which profit is maximized B. Maximum profit C. Quantity at which revenue is maximized D.Maximum revenue E. Maximum quantity at which profit will be at

Indifference curves for consumption and leisure

Imagine a truck driver that has complete control over his daily work schedule. He has no alternative income (from any source). Out of biologically necessity, he must sleep eight hours a day. Other than that, he can spend the rest of his time driving. If he drives all of his available time, he can afford to consume $192 worth


Calculate the totals change in a year's GDP A family sells a home, without using a broker, for $150,000. They could have rented it on the open market for $700 per month. They buy a 10-year old condo for $200,000; the broker's fee on the transaction is 6% of the selling price. The condo owner was formerly renting the unit fo

Economic justification

If an owner of a company wanted to make a trip for non-business use and their lost wages was not tax-deductible, how could they justify making their decision whether to go or not?