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Draw the industry supply and demand curves. Describe and graph what happens to the industry curves in response to the existence of economic profits. Show what happens to quantity and price
The grouping of customers into categories based on key characteristics is called segmentation. None of these answers are correct The grouping of customers into categories based on key characteristics is called itemization. The grouping of customers i..
How do you determine how a consumer divides their resources between two goods? According to the theory of consumer choice how do you evaluate how you decide whether to save or spend money or even if you might have to work more in order to pay for ite..
Define the concept of a supply schedule or curve. Show that an increase in supply means a rightward and downward shift of the supply curve. Contrast this with the rightward and upward shift of the demand curve implied by an increase in demand.
Suppose that the US in a steady state and that capital per worker in the US is equal to k*=10. The following picture shows the steady state of the US economy.Suppose a devastating hurricane hits the economy destroying 10 % of the capital stock so tha..
Would you expect firms in a tight oligopoly market reap higher profits than firms in a loose oligopoly market.
A consumer has the utility function U(x,y) = xα yβ , where x$0 and y$0 represent her consumption of goods X and Y, and α>0 and β>0 are exogenous parameters. Calculate the consumer’s elasticities of demand for X and Y. These elasticities may be functi..
Because when a patent ends and generic drugs are introduced there is downward pressure on price, the makers of the brand name drug will:
The market demand curve for this product is estimated to be: Q = 6009 – 25P where Q is the number of plate covers per year and P is in dollars. Cost estimation processes have determined that the firm’s cost function is represented by TC = 120 + ..
Indicate whether each of the following is counted in this year’s GDP: You bought a new Wii at GameStop last year and resold it on eBay this year. You purchase an “Investing for Dummies” book at Barnes and Noble. You purchase a historic home using the..
The use of money as a medium of exchange represents the mostimportant service that money renders. The money supply known as M1 includes all assets that are good storesof value. The Fed's reserve requirement ratio can reduce the monetary base. The Fed..
These three empirical observations are explained by ‘Preferred Habitat theory'. First, completely explain Preferred Habitat theory. Next, explain how this theory explains all three empirical observations.
Two firms, A and B, have complete control of the supply of mineral water and both have zero costs. The market (inverse) demand function is given by: P = 200 – 10Q, where Q = qA (output of seller A) + qB (output of seller B). Assume each firm can sele..
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