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1. Explain the factors of production and give an example for each one.
2. What is the difference between a normal good and an inferior good? How does this relate to the demand curve?
3. What is the consequence of a positive externality in a market? What is the consequence of a negative externality? Why do those consequences occur?
4. Briefly explain the three tax systems - proportional, progressive and regressive. As you explain each one, also compare the relationship between marginal tax rate and average tax rate as income rises for each one.
Will Truman and Associates, LLC is a successful Manhattan based law company. Worker productivity at company is examined in billable hours, which vary in partners and associates.
If we believe that the laws of supply and demand always hold, explainc why is it that the 'popular' gifts for the holidays always sell out early?
Do you think the overall level of R&D would rise or reduce over the next twenty to thirty years if the lengths of new patents were extended from twenty years to, say "forever"?
The price charged to consumers, the average total cost of production and the efficiency of the market outcome
What is the long-run equilibrium price in this market? Explain intuitively, in your own words, why this is the long-run equilibrium. What is the long-run market equilibrium quantity?
Plot the marginal revenue and marginal cost curves and is the industry the firm operates in competitive? Is the industry in long-run equilibrium?
Draw the AC function on the same graph. What is the firm's long-run supply curve? That is for every price p, how much will the firm produce in the long-run? Which curves are relevant now?
At a price of $24, should a perfectly competitive firm operate or shut down in a the short run if its TC is given as:
Airway Express has an evening flight from Los Angeles to New York with an average of 80 passengers and a return flight the next afternoon with an average of 50 passengers.
Assume your elasticity of demand for your parking lot spaces is -.05, and price is $20/day. If your MC is zero, and your capacity at 9 a.m. is 96% full over the last month, are you optimizing?
Many retail companies use mark up pricing? Setting price some percentage above variable cost (such as 50% above cost).
Under patent protection, a company has a monopoly in the production of a high tech component. Market demand is estimated to be: P = 100 - 0.2Q.
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