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The oil price shock of 1980 sent gasoline prices sharply higher. Coal prices moved in sympathy with oil prices, with the result that coal companies earned pure economic profits. Since coal is a homogeneous good and the market is competitive, what happend in this market. (Diagram as appropriate).
Calculate point elasticities at prices of 5 and 9. Is the demand curve elastic or inelastic at these points?
Small firms can discover the abilities of their workers more quickly than large ones because they can observe the workers more closely at a variety of tasks. Does it then make sense for people with high abilities to go to small firms
When an excise tax is imposed on a commodity in order to raise revenue for the government or in in order to raise the consumption of the good, then why are these goals in conflict with each other?
What does the Federal Reserve say about the current state of the economy?
Assume that the two firms behave as Cournot Duopolists. Explaining the concept of best response or Creaction function, determine the best response function for each firm. Calculate the profit maximizing output of each firm and the market price.
Compare and contrast the free market systems with planned economies. Determine the benefits and drawbacks of each. Analyze the different ways to evaluate economic performance and determine which provides the best assessment of the economy.
What is the monopolist's profit-maximizing level of output - what price will the profit-maximizing monopolist charge and how much profit will the monopolist make if she maximizes her profit?
Suppose the demand function for a good is expressed as Q = 100 - 4p. If the good currently sells for $10, then the price elasticity of demand equals
What are the advantages and disadvantages of using prepared, or canned, sales presentation? Give examples of when using a canned presentation might be better than using a less structured presentation.
Consider a family that ranks combinations of household production time (N) and purchased goods and services (Y) according to the formula: U= NY. Suppose the maximum time available in a day is 16 hours, the wage rate is $4 per hour and the fa..
You have a 0.35 probaability that you can turn your current $15,000 into $50,000 and a 0.65 probability that fierce competition will drive you to ruin, losing all your money.
What is the law of supply, and what are the factors that cause shifts in supply? What is the law of demand and why is it important?
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