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Suppose there is a simple economy where people consume only 2 goods, food and clothing. Further suppose that the market basket of goods used to calculate CPI consists of 20 units of clothing and 100
Assume that the U.S. the demand for phones is given by P=700-Q that the supply is given by P=200+Q. In Korea suppose the demand is given by P=600-Q and supply is given by P=50 + (Q/2). Prices a
Assume that the citizens of Hungary can purchase all the oil they desire at the going international price. If the Hungarian government levies a tax on oil, who bears the burden? Demonstrate your an
Would you agree with Karl Marx in saying that the Industrial Revolution and its capitalistic foundations negatively affected the working classes?
Assume you are an aide to a U.S. Senator who is concerned about the impact of a recently proposed excise tax on the welfare of her constituents.
Describe what price should charge if the company wants to maximize revenue in the short run. Calculate the quantity that would be produced at this price and maximum revenue possible
Some barriers to entry are associated with large-sized firms. Explain which barriers to entry would this include? Explain how these barriers keep new entrants out of the industry.
Suppose you are an efficiency expert hired by a manufacturing firm that uses K and E as inputs. The production function for a competitive firm is Q = K1/2 E1/2.
Assume the government sets a minimum hourly wage of $10. Determine how many workers would lose their jobs? Calculate how many additional workers would want a job at the minimum wage? What is the une
Assuming no trade what would be the equilibrium price and quantity with a 100 per phone tax? What would be the effect on producer profits? What would be the tax revenue?
If Dell agrees to purchase the 10 million hard drives at a price P*=$25/unit and the deal subsequently falls apart, describe your company's "quasi-rent"?
Assume a monopolistic competitor and the long-run equilibrium has a constant marginal cost of six dollars and faces the demand curve given in the following table:
Determine the potential long term problems for unions in agreeing to labor-management cooperation programs?
Suppose you decide to open an individual retirement account at your local bank that pays 9%/year/year. You will deposit $3,000 per year into the account (40 total deposits) at the end of each of the
Suppose that 10,000 people are willing to spend a maximum of $20 each to preserve one acre of rainforest. A conservation group mails out a request to each person asking him or her to mail in $40 to
Does this force affect Christians positively or negatively? What is your advice regarding this influential force What do you believe is the single most influential force in today's society
Determine the minimum price at which the firm will supply any of good X at all? If the price of good X is $25, determine the quantity supplied. Label this point on your graph.
Continue to assume the input mix given above-determine the marginal product of labor? Note that K is fixed when we calculate the marginal product of Labor
Based on the demand curve above, determine the equation of the demand curve if consumer income is $30,000, the price of good Y is $10, and the price of good Z is $20?
Determine the optimal quantity of labor demanded? A perfectly A Perfectly competitive firm has a MPL = 20-L. If P = $5 and w = $10/hr
Which of the following is NOT an advantage to interviews you may obtain additional helpful information from the interviewees nonverbal behavior or the environment
If Eastern Airlines knows the arc price elasticity of demand for its airplane tickets is -2.12, discuss what price would they have to charge in order to obtain the same level of sales as before Cont
When computing the standard deviation what does it mean when the sum of the deviation about the mean is NOT 0
Assume demand for a medical service is given by the equation P = 1000-2Q. Assume the price without insurance is $100, but insurance reduces the consumer's out-of-pocket price to $50.
Problems with the global commons are becoming more prevalent as human economic activity increases Global warming and ocean pollution are examples of global commons issues