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Assume the market supply and demand are Qd=100 - 2p and Qs= 5 +3p. If the government sets a price floor of $30 and agrees to purchase all surplus at $30 per unit, the total cost to the government w
Three of the banks that currently have 15% of the market would like to merge and produce the First Super Bank of Richmond. If the merger were allowed, determine the new measure of monopoly power.
What would be the new price and quantity of hotel rooms actually traded if a price ceiling of $150per month were instituted in the city of Boston?
Customers who buy on credit pay an effective annual interest rate of 16.1% at the Central Furniture Company, based on the monthly compounding, determine the nominal annual interest rate tha
Determine the primary reason that economists view monopolies as a problem? Is this different than you would have expected? Discuss what methods are available to mitigate the impact of monopolies?
Assume that Apple first announces a quantity of iPhones, then Verizon announces a price for data plans, then Apple announces a price for iPhones.
Describe a worker's labor-leisure choice associated with a wage decrease (assuming non labor income does not change). Demonstrate the income and the substitution effect associated this wage change
Determine what is meant by the international competitiveness? Discuss how does this concept apply to an industry, a firm and a nation?
Suppose you buy only bananas and apples. Your budget is such that you can purchase three apples and four bananas or nine apples and two bananas.
Explain what factors give rise to increasing returns to scale and decreasing returns to scale? Describe and then derive the expression for the marginal rate of technical substitution.
Briefly describe the theory of reciprocal demand. Discuss how does it provide a meaningful explanation of the international term of trade?
Foreign and Home are two identical countries except that people in Home work twice as hard of those in Foreign. Each has two industries (Shoe and Steel industries), where steel production is capital
Illustrate a positive total fixed cost and total cost cue total variable cost. Then derive the average total cost, associated marginal cost and the average variable and average fixed cost curves.
Discuss how does the comparative advantage concept relate to a nation's production possibilities schedule? Demonstrate how differently shaped production possibilities schedules give rise to
Illustrate a production possibilities frontier for the production of steel and corn, identifying the feasible points, efficient points, and the infeasible points. Demonstrate and explain the increa
The following two individual demand curves represent an entire market for a commodity. Calculate the market demand curve for the commodity? Demonstrate the market demand in equation and graphical f
In light of the underground economy, and the other shortcomings of using GDP as a measuring rod, do you think the government should include estimates of the underground economy in its GDP calculatio
Assume the monthly demand for soda by a consumer is given by the Q=10 - 8P. If the price of soda is $1 per can, determine how many sodas will the consumer purchase in a typical month? Find
How much should it sell for in order to yield a 9% effective annual return on the investment? A $200,000 bond having a bond rate of 7% payable annually is purchased for $188,000 and kept fo
Calculate the Herbert's marginal rate of substitution among food and the shelter when he is consuming his utility maximizing market basket?
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.
Determine the Sherwin Williams Company example discussed. Assume one is interested in developing a simple failure model with paint sales (Y) as the dependent variable and the selling price (P) as th
Multinational agreements and regional economic integration in place help companies in developing and pursuing a transnational strategy. Do you agree with this statement? Why? Why not?
Determine the market for electronics. Patents are granted to investors of a product or process for a certain number of years.
Find out a recent service encounter you have experienced as a customer (either B2B or B2C) that you would classify as a generally bad experience.