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Read the given New York Times (8/25/97) article and then answer the questions that follow. 1,000 Hospitals Will Be Paid To Reduce Supply of Doctors, New York Times, 8/25/97, Warren Leary
Suppose Venezuela imports TV sets at a price of $150 each. Under free trade, how many sets does Venezuela produce, consume, and import? Determine Venezuela'a consumer surplus and producer surplus.
Sketch on one diagram the short run AVC, ATC, and MC curves for a firm with a fixed capital stock. (Assume a typical cost function as shown on page 194.) A. Suppose the town where this firm is loca
Calculate the profit-maximizing price/output combination and economic profits if Pile Buggers enjoys an effective monopoly on shock absorber due to patent protection
Draw the supply curve for an individual firm. On a separate graph, draw the demand and supply curves for the industry as a whole. Indicate the equilibrium price and output.
35% Turkey growers operate in a competitive, constant cost industry. This industry has reached a long run equilibrium at a price of $1 per pound of turkey. a. Illustrate the situation for a typical
Why might price collusion occur in oligopolistic industries? Assess the economic desirability of collusive pricing. What are the main obstacles to collusion? Speculate as to why price leadership is
Discuss the barriers to entry into an industry. Explain how each barrier can foster either monopoly or oligopoly. Which barriers, if any, do you feel give rise to monopoly that is socially justifiab
Problem: Using such areas as manufacturing and information technology or any related industry/areas that have had high job growth rates explain a scenario that would cause a shift in labor supply an
What are the effects on American wages and purchasing power of the continued outsourcing of labor overseas. What are some of the reasons for these trends. What effect has this trend had on the Ameri
Suppose that the government imposes a tax on this industrial compound. Draw a correctly labeled graph showing the effects of this tax on the price and quantity of this industrial compound.
I am in the process of writing a 2000 word paper that provides an economic profile of the oil industry.
Problem: Explain a real world factor that plays an important role in competition.
Would an economists say that the burden of the FICA tax is shared equally? Why or why not? Who bears more of the tax burden? Workers or employers? Use supply and demand curves to illustrate your answe
A South America country with fixed exchange rate system has close economic ties with the USA symbolized by extensive trade and unrestricted flow of capital between the two countries.
Problem: Suppose that the following table describes prices, incomes, and per person lobster consumption in three U.S. cities.
Using the concepts of marginal costs and marginal revenues, explain why economic profits are maximized where marginal revenue equals marginal cost and why profits decline if the price is above or be
Locate an article pertaining to a change in the supply, demand, and pricing of a particular product or service. Utilizing the economic theories, prepare a paper in which you summarize the article an
The survey approach to cost estimation relies on estimated abatement expenditures obtained directly from polluting sources.
In competitive market equilibrium, social welfare is measured by the net benefits derived from consumption and production as measured by the difference between consumer surplus and producer surplus.
What is the Federal Reserve currently doing to promote the health of the economy? Do some research on the current actions of the Fed and share them with the class.
Suppose the firm dropped the price to $2.50. Would this be beneficial? Explain. Illustrate your answer with the use of a demand schedule.
Problem: Build a Balanced Scorecard for the unit of the organization for which you work (Scholastic Corp. Symbol: SCHL). Identify the strategic objectives of the entire organization and the secondar
Write a scenario that would cause a shift in labor supply and demand. The following areas have had high job growth rates and can be used for your scenario: transportation, insurance, and real estate
How do you think the higher demand has affected the equilibrium wage? In which direction do you think the labor supply and demand shifted? Explain your reasoning.