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Assume that a product becomes more popular with consumers (a demand effect) and that input prices for the product increase (a supply effect). All else equal, how will this affect the equilibrium price for that product
The student could also have earned $15,000 by getting a job instead of attending college and 10 percent interest on expenses he or she incurs at the beginning of the year. Calculate the explicit, implicit, and the total economic costs of attending..
Based on a benefit-cost analysis what should the agency do?
A purely competitive wheat farmer can sell any wheat he grows for $20 per bushel. His five acres of land show diminishing returns because some are better suited for wheat production than others. The first acre can produce 1,000 bushels of wheat, the ..
Explain, providing appropriate examples. why car manufacturers are constantly introducing new models - Analysis of the operation of firms in a particular market
If you can explain how to calculate the probability in more than one way for any part or parts, you will receive bonus points.
What is the criteria the firm would use to decide how much to produce and charge?
In Problem 2, if there are ten such firms, then the industry marginal cost curve is MC(Q) = 3 + (8/10)Q. If this industry faces the demand curve in Problem 1, then the quantity produced is Q=35/9=3.89 at a price of P = 110/18 = 6.11. If the ten firms..
If preferences are strictly monotonic then it will be optimal for the consumer to consume all their income (i.e. be on the budget line). Is this still true if preferences are weakly monotonic?
Create a brief scenario and walk it through the litigation process, beginning with how to select the proper jurisdiction of a court, and progressing through the basic steps leading to a resolution of the dispute through appeal.
Distinguish between use and nonuse values in the specific case of preserving the quality of water in an underground aquifer. How might you measure the different types of benefits in this case?
On August 15, 2014 Emma signed a contract to purchase 35,000 gallons of ethanol from Korey for resale at her ethanol station. When Emma signed the contract, the ethanol was warehoused in a holding tank at Korey's production facility. On August 24 lig..
Assume that the consumer has I=$100 to spend on goods X and Y. The price of goodX is Px=$7 per unit, and the price of good Y is Py=$4 per unit. Calculate the consumer's highest possible utility and the consumption bundle (x,y) that achieves that u..
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