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Decide whether your city can support a new Starbuck shop: There are currently 4 Starbucks coffee shops in the city, and each has just enough to serve its customers. The average household income in the city is expected to increase by 10 percent per year for the next few years. Suppose the income elasticity of demand for Starbucks products is 1.25. The population of the city is constant.
1. By what percentage will the demand for coffee increase each year? Show how you got the solution.
2. How soon will the area have enough demand to support a fifth Starbuck? Show how you got the solution.
During the working life, how do you graph that without knowing more information.
Illustrate what effort level would maximize profit per period. Illustrate what is the maximum profit per period in this fishery.
Draw the Edge worth Box diagram for this economy also Explicate whether the initial allocation of cheese also bread is Pareto efficient.
Elucidate how an individual buying a car would prefer a free GPS system to a free leather seat upgrade.
Should United States government approach favors certain kinds of immigrants. Should citizenship preference be given to the neediest applicants.
Explain why monopolistically competitive firms frequently prefer non-price competition to price competition. Do you agree. Why.
Calculate total economic surplus under monopoly also competition. The difference is the social cost of monopoly
Compute the equilibrium price and annual quantity of antidepressants. Compute 1)producer surplus; and 2)consumer surplus in this competitive equilibrium.
Suppose there are 30 identical hot pretzel stands operating in New York City. Each stand has usual U-shaped average-total-cost curve. Market demand curve for pretzels slopes downward and market for pretzels is in long-run competitive equilibrium.
Illustrate what happens to output and the optimal scale of a firm, and price if there is a free entry into the market.
If you want to make four equal payments on each January 1 from 2013 through 2016 to accumulate the $1,000, how large must each payment be.
Two friends Diane also Sam own also run a bar. Diane tends bar on Monday Wednesday also Friday also receives wage in addition to tips.
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