Economic Models

Cita has just returned from an important meeting with the city council. The city recently established an Economic Competitiveness Office with Cita as the chair. The office is in charge of helping the private firms in three regards: (1) determining their production allocations based on the profit maximization or cost minimization principle subject to uncertainty in resources and demands, (2) calculating the changes in their input and final-good demands due to changes in technologies, and (3) making decisions on their rental prices of land to guarantee a competitive market for city land use. Cita is worried because her knowledge of economic theories is only at undergraduate level. Dr. Theo assures her that several models ...

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