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What factors have caused your demand for electronic devices to shift to the right (increase) over the last 5 years?
How does this relate to the theories from the chapter? We think of price controls as being set below equilibrium prices and also below what people can afford.
What do firms in perfectly competitive markets and monopolistic competitive markets have in common? How are they different in the long run?
The cost function of a profit-maximizing, perfectly competitive firm. Provide an exact mathematical expression for the firm's short-run supply curve.
Lisa's weekly expenditure on ice cream is higher in weeks when the price is lower. What can you tell about Lisa's price elasticity of demand for ice cream?
What supporting or opposing information is provided? Is there any background information that helps readers to understand the situation?
The construction materials for bridge will cost $80 million upfront. Determine the net benefit/cost of the project. Should the city council approve the project?
What is the best outcome for Sophia and Dorcas? Explain what about Sophia's and Dorcas's reasoning that will lead them both to choose the worst outcome.
Using the above data, determine GDP and NDP by the expenditure method. Calculate National Income (NI) by the income method.
What choices of P5 and PM would maximize their revenue if they have an equal number of hardcore and casual movie-watchers?
Explain how the entry of firms into its industry affects the demand curve facing a monopolistic competitor and its economic profit.
Explain why the firm chooses to operate, given their current economic profit. Explain when the firm would choose to shut down?
Suppose you can get an insurance policy that fully covers you in event. What is the most you would be willing to pay for this policy rather than no insurance?
What is Christine's income elasticity of demand for concerts? Explain what this tells us about the concerts Christine attends.
Given a producer whose marginal cost function is given by the equation MC(Q)=1, and the fixed cost, what is the average variable cost of producing 10 units?
Which opinion do you agree with, why, and how do you believe this will affect the ability of journalists (all types) to report the news?
A local store estimates its typical customer's inverse demand is P = 9.4 - 2Q, and it knows the marginal cost. what should the price for the entire package?
What factors has the firm taken to avoid market failure at a macro-level? How does the firm affect our macroeconomy with regard to economic output?
How does cruising for parking impact low-income families and people of color economically as it relates to economics and equity?
This chapter emphasized the ability of an orderly system to emerge without someone. How does the evolution of language illustrate a type of spontaneous order?
Discuss how the chosen company achieves market equilibrium in the short-run and long-run based on its identified market structure.
We discussed the impact of an import tariff per unit on equilibrium price and quantity. Draw a supply and demand graph to show this is true.
Analyze the welfare implications (including possible deadweight loss) of 3 mitigation options. Which mitigation strategy, if any, do you recommend and why?
Many U.S. states have minimum price laws for cigarettes. Assume that the demand equation for cigarettes is QD = 4,000 - 300P. Draw the graph and show your work.
At what output level would the monopolist produce? At what output level would a perfectly competitive firm produce?