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The South American cocaine industry consists of several families that obtain the raw material, refine it and then ship it to the U.S. It is not a difficult business to enter, particularly on the retail end where drug dealers sell the drug to consumers in the U.S. What would you predict would happen to the economic profits of the drug dealer? Suppose the family in South America form a cartel? What is the result of the cartel?
what happens to the AFC per paper, the MC per paper, and the minimum amount that you must charge to break even on these costs?
Suppose the two countries are not trading and that both desire to have equal numbers of feet of timber and baskets of fruit. How would they allocate workers to the two sectors?
Explain how market structure affects market performance and conduct. Identify three types of government regulation that help to improve market performance and conduct
Starting in late 1970s and continuing through the 2000s, business environment moved toward relying less on government regulation and more on marketplace to get desired economic targets.
What are your recommendations to the current administration considering the state of the economy and the level of national debt? What are the implications of your recommended course of action?
What is the difference between average total cost and average variable cost
Determine what are the impacts of innovation and technology on the cost of production and explain how does technology affect market structure and real world competition?
The United States is currently recovering from its bad recession in over twenty-five years. Using the resource provided in this and earlier modules of course describe what factors
The current market price is $7.50. At her profit-maximizing level of production, the average variable cost is $8.00, and the average total cost is $8.25. Mrs. Smith should.
Suppose the Demand for baseballs is given by Q = 200 - 8P. a) What is the price elasticity of demand when P = 6? b) At what price will Total Revenue be maximized? c) What is the firm's Marginal Revenue when the price is $10?
Microeconomics is considered to be the study of scarce resources. Here, customers must make allocation decisions. These 3-basic trade offs include which goods or services are to be manufactured,
Suppose that the resident of vegopia spend all of their income on cauliflower,broccoli and carrots. Calculate the price of each vegetable in each year.
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