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Consumer surplus a. added to producer surplus provides a measure of the gain to society from the production and consumption of the good. b. is positive for all but the last unit purchased. c. for a particular unit of consumption is measured by taking the difference between the market price and the price the consumer would have been willing to pay. d. all of the above.
In a closed agricultural economy, a new water source has been discovered that is expected to provide a steady supply of water for the crops and thereby increasing expected out
Identify the IP rights that are owned by an organization you currently or formerly have worked at. Next, explain which intellectual property appears the most difficult for a b
Suppose that Portugal and Austria consider trading stained glass and fish with each other. Portugal can gain from specialization and trade as long as it receives more than o
Calculate equilibrium quantity? Calculate equilibrium price? Graph the supply and demand curves, show equilibrium and any positive intercepts, and calculate consumer surplus a
What changes do you feel are likely to be made to Social Security in the next 15 to 20 years? Why? Think of the people/organizations affected by the change, and who would supp
Suppose two firms sell an homogeneous product; they compete in prices. Their respective marginal costs are MC1 (q) = 10 and MC2 (q) = 20. Find the prices that form equilibrium
Do a Library search for an articles about Robert Merton's Structural Strain Theory. This theory talks about the kinds of responses that one might expect when the "normal" legi
The national debt of many developed nations is projected to grow to unsustainable levels. Why might national legislatures welcome higher inflation? Does inflation offer a mean
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