How to calculate CIF value of imports In 2014, real GDP in Latania was $750 billion and the population was 3 million. In 2015, real GDP was $990 billion and the population was 3.3 million. What was the approxim
Explain how to calculate opportunity cost in macroeconomics. How does the economy affect politics? Briefly describe income elasticity. How are microeconomics and macroeconomics interconnected? What are the characteristics of money in economics? How do people determine how good a country's eco...
A business can focus on maximizing either revenue or profits, but usually cannot pursue both goals simultaneously. To maximize profits, the company has to sell its products or services at a healthy profit margin; in other words, it has to charge significantly more than what it costs to deliver...
Economists often use models when they are trying to understand the world. Amodelis a simplified representation of a more complicated reality. When economists construct a model, they assume away details of the world that are not relevant to the question they are trying to answer. Thus, these mo...
The size of the business generally matters when it comes to economies of scale. The larger the business, the greater itscost savings. Economies of scale can be both internal and external. Internal economies of scale are based on management decisions, while external ones have to do with outside...
Another method that will return the profit-maximizing quantity is to find where marginal costs equal marginal revenue. Instead of calculating the profit for each increment, calculate total revenue and total variable costs. Calculate marginal revenue and marginal cost in the same manner as marginal pro...
We used this information to calculate the total number of publications up to the reception of the Nobel Prize and the number of publications between the year of work and the Prize recep- tion. The authors also identified the publication(s) that contained the work for which the Nobel Prize ...
The total number of bond ratings used to calculate market shares is approximately 1.1 million. Each bond rating is matched to issuer data such as the main industry using the issuer's Empirical results This section presents our evidence from the various tests of rating quality and how it is ...
Opportunity costcan be tricky to calculateif you are looking to be precise, but fairly simple to ballpark. The point is not to have exact numbers, but to understand the value of you time, and to understand that you should, as a rule, spend your time where you create the most value for...
Do firms really calculate marginal cost and marginal revenue to find the profit-maximizing output? In monopolistic competition, profit is maximized by producing so that marginal revenue: A) equals price. B) equals average total cost but not marginal co...