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Q. Suppose you have two goods, ice cream and Kraft Macaroni and cheese (an inferior good to most people). Show graphically what happens when 1) the price of the ice cream decreases and 2) your income increases.
Q. Industry structure is often measured by computing the Four-Firm Concentration Ratio. Suppose you have an industry with 20 firms and the CR is 30. Explain how would you describe this industry?
Illustrate what price should he charge each group if he needs to maximize revenue collected from ticket sales.
Illustrate what is each firm's equilibrium output and profit if they behave noncooperatively. Use the Cournot model. Draw the firms' reaction curves and show the equilibrium.
What was the accounting profit for the new business. What was the economic profit or loss. Explain your calculations for both questions.
Explain what will happen in the countries to which the immigrants return to potential GDP, employment, and the real wage rate.
In equilibrium, approx what is the firm's total cost and total revenue. Illustrate what is the firm's economic profit or loss in equilibrium.
According to the rule of most favorable input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the corporation.
The number of taxicabs in Motorville and the taxicab fares are regulated. The fare currently charged is $5 a ride. Motorville taxicab drivers want to obtain government's permission.
Explain how does the empirical rule help to explain the ways in which values in a set of numerical data cluster and distribute.
As a manager, Explain how would you decide Explain how many workers to hire. Illustrate factors might play a role in your decision.
explain how and why a monopolist would try to price-discriminate: Providing air travel for business people and tourists; A fast-food restaurant that serves business people and retired people
If the rate of money growth and the growth rate of the real GDP were the same in both countries, the explain how would the rate of inflation differ among them.
What three factors determine whether two economies with separate fiscal and monetary authorities should form a currency union.
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