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where Q = quantity, P = price, M = income, A = advertising expenditures, and PY = price of a related good. Based on this demand equation.
Compare the feasibility and efficiency of producing public goods by tax dollars versus producing them jointly with private funds.
Where x is the number of units of input. The commodity sells for $100 per unit. The input costs $50 per unit. Find the profit-maximizing amount of output.
By what percentage would a 10 percent rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve?
Determine price and service level if competitive bidding results in a perfectly competitive price-output combination.
Define absolute and comparative advantage in your own words. Explain how absolute and comparative advantages were used in your simulation. Describe the influences affecting foreign exchange rates.
Do you think the Department of Justice and the Federal Trade Commission would approve a merger between any two of the first three companies listed? Explain.
A perfectly competitive firm has the following fixed and variable costs in the short run. The market price for the firm's product is $140. What level of output should the firm produce to maximize pro
How would a gradual increase in the percentage of fathers who stay home to care for young children while their wives continue working ultimately alter the male-female wage gap?
A business next door just went bankrupt and the bank is offering a special deal where you can buy another 100 tons of steel for $180 per ton. Assume that the interest rate is 0%. Which is correct?
Explain how both the flow-of-product approach and the earnings approach can be used to measure GDP and the role profit plays in these calculations.
If you are the chief economist of a country experiencing high unemployment and flat GDP, what macroeconomic policies might you enact in response to these economic conditions?
What is the output of each fi rm if they collude to produce the monopoly output? What profi t does each fi rm earn with such collusion?
firm A has a dominant strategy, (b) whether f rm B has a dominant strategy, (c) the optimal strategy for each firm, and (d) the Nash equilibrium, if there is one.
The natural unemployment rate is 5%. Suppose the current unemployment rate is 8%. What would be the current level of output according to Okun's law.
All other factors held constant, what would be the effect on the demand for money (M1) of each of the following situations. Explain the rationale behind your responses. A doubling of all prices, wag
Product of railcars has been more than doubled since the early 2000s, to in excel of 60,000 railcars per year. What would likely happen to the demand for railcars if the ethanol boom were to go bust?
What do you suppose has happened to the demand for string instruments used by performing musicians as a result of the decrease in demand for musicians services?
What are some examples of behavior that at one time wire victimless crimes that are no longer criminal? What are some examples of behavior that were not victimless crimes that now are crimes?
Explain the following statement: "Changes in disposable income lead to movements along the consumption function while changes in wealth lead to a shift of the consumption function." Use examples to
What made it so and the possible impact of an economist not understanding that concept or formula at all. Discuss how you would explain what this class was about to a friend of yours pondering taking
Are all expenditures of a government included in the calculation of GDP for that nation? Why or why not? If not, what government expenditures should be excluded from GDP?
Identify quality prior to purchase, how much will consumers pay for a tube of unspecified ointment, assuming they are willing to pay up to their expected benefit?
xplain which graph in our collection - A, B, C, or D - illustrates the shift that you identify by describing the change in price and the change in equilibrium quantity.