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Which of the following goods or services would be most likely to be subject to (1) external economies of scale and (2) dynamic increasing returns? Explain your answers.
a) Software tech-support services b) Production of asphalt or concrete c) Motion pictures d) Cancer research e) Timber harvesting
What is the income elasticity? Interpret the elasticity in a mathematic and economic context -- what does this number tell you? Is the own price elasticity consistent with economic principles? Explain.
Describe the dimensions of quality from micro- and macro-perspectives. What are the different formats or models and applications of quality? Discuss the top three in your opinion.
Describe the major difference between the law of demand and the law of supply. Consider the supply and demand schedules below.
You're the manager of a paper mill and have been subpoenaed to appear before a joint session of the Senate Consumer Affairs and the Senate Environmental subcommittees.
Overview of the project's objectives and scope
You're the absolute czar and head of union of 1,000 plumbers in Austin, Texas. You've the absolute power to set the wage at which the plumbers will work. You wished to achieve full employment at highest possible wage; (b) you wished to maximize the..
What happens to his consumption of Y? Calculate the coefficient of price elasticity and of cross price elasticity. Also draw the demand curves for X and Y, noting the equilibrium points for this consumer before and after the price change in X.
Suppose that rich countries surprisingly commit to much higher official aid, to be maintained for several decades. What would be the effect of such aid on?
What is the hypothesized elasticity of demand for one product/service that is produced by the company (or a product/company you are familiar with)?
A perfect competitive firm has the cost function TC = 1000 + 2Q + 0.1 Q^2-What is the lowest price at which the firm can break even?
What happens to the equilibrium price and quantity in each market? Which product experiences a larger change in quantity? Which product experiences a larger change in price?
You are a financial adviser to a U.S. corporation that expects to receive a payment of 40 million Japanese yen in 180 days for goods exported to Japan.
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