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Due to unusually good weather conditions, the farmer's agricultural production increases for two periods. After the second period, her production falls back to the initial level. How does this affec
You are the manager of a monopoly. A typical consumer's inverse demand function for your firm's product is P = 100 - 20Q, and your cost function is C(Q) = 20Q. Determine the optimal two-part pricing
Write a 350- to 500- word paper in which you relate the concepts in this week's readings to a prior real world experience. The experience does not necessarily have to be work experience. Discuss th
Joe owns a coffee house and produces coffee drinks under the production function q = 5KL where q is the number of cups generated per hour, K is the number of coffee machines (capital), and L is the
Write 700 to 1050 words on the difference between Anticommunsim and McCarthyism , the perpective from which the media in 1947 to 1954 covered anticommunism and McCarthysim, american forgein policy
Hair Grow Co. has a demand curve of P=101-.00002Q Marginal cost for producing Hair Grow pill is $1. What is the profit-maximizing price and quantity? What is the profit?
Calculate the user cost of capital per year when the price of capital is $400, the depreciation is 9% and the interest rate is 18%. What happens to the capital stock if the interest rate goes up to
Discuss the difference between the short run and the long run from the perspective of producers and from the perspective of consumers.
It has often been said that craft unions (electricians, carpenters, etc.) possess considerably greater power to raise wages than do industrial unions (automobile workers, steel workers, etc.) How w
What varibles other than price appear to have the biggest impact in the demand for mccdonalds products? how much influence does that comapany have over these variables?
An alternative has a discounted project cost of $12,325,000 with a discounted salvage value of $1,750,000. The estimate was in constant dollars and the discounting used end-of-year factors. While th
What do you think causes changes in each of the expenditure (spending) components of GDP, thereby causing changes in our economy's output, employment and income levels? How can changes in demand cau
What is the supply function for a perfectly competitive industry with constant returns to scale? Consequently, what will be the equilibrium price and equilibrium profits for this industry?
What are the main characteristics of a perfectly competitive market that cause buyers and sellers to be price takers? Explain
Use a production possibility curve to show how resource growth and improvements in technology can allow a nation to increase its production of government goods and services while also increasing its
Alejandro is one of the leading widget producers in the country. His total costs amount to $5,000, total fixed costs are $3,000, and average total costs are $200. What is Alejandro's marginal cost a
Based on the best available econometric estimates, the market elasticity of demand for your firm's product is - 1.50. The managerial cost of producing the product is constant at $75, while average t
Explain the evidence that supports these recommendations and how your recommendations might need to be modified for the alternative economic futures
When prices are ($2, $10), Emil chooses the bundle (1, 6), and when prices are ($12, $4), he chooses the bundle (7, 2). Is Emil's choice of bundles consistent with the Weak Axiom of Revealed Prefer
Explain how the principles of economics affect decision-making, interaction, and the workings of the economy as a whole,and explain how economic interactions are affected by the type of economic sy
A quality control inspector selects a part to be tested. The part is then declared acceptable, repairable, or scrapped. Then another part is tested. Find the number of possible of outcomes of this e
Discuss the role of advertising in product differentiation and the intent of advertising in altering the firm's demand curve.
Suppose that the market for apartments in New York City is described by the following equations: What is the equilibrium price and quantity?
In defining demand and supply, why do you think economists focus on price while holding constant other factors that might have an impact on the behavior of buyers and sellers? Word limit (200) limit
In a monopolisitically competitive industry, the four-firm concentration ratio would be: