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An economy is currently made up of a firm that produces bread, a firm that produces butter, and a consumer who consumes both bread and butter. Current production is 100 units of bread, 50 units of butter which the consumed by the consumer. If the output changed to 75 units of bread and 60 units of butter, the profit of the butter firm would go up by $42. The profit of the bread firm would go down by $76. The consumer prefers 75 bread and 60 butter to 100 bread and 50 butter. It is so much better that the consumer would pay $40 more to have 75 bread and 60 butter rather than have 100 bread and 50 butter. Explain, using the definition, why you know it is not Pareto Efficient to have the economy produce 100 bread and 50 butter.
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.
Because of the change they created for taste and preferences and the higher income market, the gourmet coffee houses had a win-win in a period of falling wholesale prices and increasing retail prices
What are the consequences for violating it? Why are laws like this good for protection? How do you propose to enact these standards when you are an administrator?
Use supply and demand analysis to describe why equilibrium price of apples will increase and the equilibrium quantity will fall if an excise tax is levied on apples.
Mr. Smith, a holder of a deposit account in Bank of Summertime, withdraws $ 2000 and immigrates to Wintertime. Show the position of the bank after it has adjusted to the withdrawal. (Assume no cash drain).
Describe the major characteristics of monopolistic competition and oligopoly.
Assume that the market for Mexican pesos begin in equilibrium. Then, the Mexican economy experiences a severe recession. Because of the recession, the Mexican companies lower their prices. As a result of the recession and lower prices in Mexico.
Assume that as the result of recent labor negotiation, wage rates are reduced by 10% in the production procedure employing only capital and labor.
Explain what happens to a market when Supply and Demand are not in equilibrium. Provide two instances from your personal experience when you observed the "disequilibria" of supply and demand in the market,
What is the new equilibrium price and what is the new equilibrium quantity, how many bags were oranges being overproduced before?
Hospital administrators sometimes complain about a "shortage" of nurses. The shortage is the result of a higher wages that occur in the competitive market and could be eliminated if nurses earn wages closer to their MRC.
Efficiency wage models are sometimes used to explain the existence of involuntary unemployment in the labour market. Provide a short description of the shirking model. Why can it be in a firm's interest to increase the wage above what is paid by o..
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