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Assume that the gold-mining industry is perfectly competitive. Using a graph of the Representative Firm and a corresponding graph of the Market, illustrate a representative gold mine earning normal economics profits and illustrate equilibrium in the overall gold market. Indicate the equilibrium prices and quantities in both graphs. Now assume an increase in the demand for jewelry causes a surge in the demand for gold. Using your diagrams, show what happens in the short-run to the gold market and to the representative gold mine. Label your graphs so I can tell what happens in sequence. Explain. Specifically, are individual firms earning positive, negative, or zero economics profits? Indicate your answer on your graph. In word, explain what happens in the long-run. Why?
For each market (a. & b.) would it be to the producer's advantage (i.e. would TR increase) to raise or lower price? If P0 = $10.00 and Q0 = 100 units, justify your answers by applying the interpretations of those price-elasticities of demand on t..
Compute the changes in inflation rates, unemployment rates and the RGDP growth rates.
Provide an argument for or against trade. Explain your reasons. What should government do to support your argument.
In response to pressure from environmentalists the government now tightens the maximum damage standard to 4 units. How much fertilizer will farmers use now? What will their profit be? What is the net societal benefit? What is the value of ??
Illustrate what conclusions can you draw about this period by comparing this cycle to the previous business cycles. You may want to check the links to the two most recent Announcement Dates for further information.
Do such technological advances contradict the law of diminishing marginal returns
Use the following data for a pure monopoly to calculate the firm's-its profit-maximizing output level and produce price;
A construction manager earns $70,000 every year working for a regional home builder decided to open his own home building company.
The Boca Raton Company announces that if it reduces its price subsequent to a purchase, the early customer will get a rebate so that he or she will pay no more than those buying after the price reduction. a. If the Boca Raton Company has only o..
you make the entire marketing plan. Document your ideas in a memo. Your memo should address the following points at a minimum.
Economists also businesses almost always compare costs and benefits in their decision making.
Elucidate what is the difference among real GDP and nominal GDP.
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