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How are resource costs affecting housing prices? Alternatively, how is housing demand affecting resource prices?
According to the editorial, what is one advantage and one disadvantage of raising the Nigerian minimum wage?
how the market reacts to a temporary difference in prices for the same resource and how market reacts to a permanent difference. Why do the reactions differ?
Between 2001 and 2009, how was the demand for lumber affected by the demand for housing? In what sense is the demand for lumber a derived demand?
Which economic decision makers determine the demand for labor? In what sense is the demand for labor a derived demand?
If the firm is producing efficiently, what is the marginal rate of technical substitution between labor and capital?
What are the benefits of the staggered movie times allowed by multiple screens? What is the benefit to a multiscreen theater of locating at a shopping mall?
Long-Run Average Cost Curve Explain the shape of the long-run average cost curve. What does minimum efficient scale mean?
What types of changes could shift the long-run average cost curve? How would these changes also affect the short-run average total cost curve?
Explain why the marginal cost curve must intersect the average total cost curve and the average variable cost curve at their minimum points.
Marginal Cost What is the difference between fixed cost and variable cost? Does each type of cost affect short-run marginal cost?
Law of Diminishing Marginal Returns As a farmer, you must decide how many times during the year to plant a new crop.
Welfare Cost of Monopoly Explain why the welfare loss of a monopoly may be smaller or larger than the loss shown in Exhibit 8 in this chapter.
Why is society worse off under monopoly than under perfect competition, even if both market structures face the same constant long-run average cost curve?
Revenue for the Monopolist How does the demand curve faced by a monopolist differ from the demand curve faced by a perfectly competitive firm?
How did the De Beers cartel try to maintain control of the price in the diamond market? How has this control been undermined?
Global Economic Watch Go to the Global Economic Crisis Resource Center .Find three or four resource that discuss the economic definition of perfect competition.
Which describes the traditional market structure for Indian agriculture. How well does the description fit the four characteristics of perfect competition?
Explain the long-run adjustment to the income change. Be sure to discuss any changes in output levels, prices, profits, and the number of firms.
Draw the short and long-run cost curves for a competitive firm in long-run equilibrium. Indicate the long-run equilibrium price and quantity.
Why does the long-run industry supply curve for an increasing-cost industry slope upward? What increases costs in an increasing-cost industry?
Determinants of Price Elasticity Why is the price elasticity of demand for Coca-Cola greater than the price elasticity of demand for soft drinks generally?
In addition, determine what would happen to total revenue if a firm raised its price in each elasticity range identified.
Global Economic Watch Go to the Global Economic Crisis Resource Center. Did the article describe a surplus of supply or a shortage of supply?
What happens to the quantity of housing available? What happens to the quality of housing and why? Who benefits from rent control?