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How might the firm size be impacted if there is alot of specific knowlesge? Successful entrepreneurs have managed to conert some business that were characterized by specific knowledge into ones that could be operated only with general knowledge. This transformation is called converting __ ware into __ ware. What does this mean?
Income inequality and poverty affect us in many ways we may not think about. Gregory W. is a homeless man in Louisiana who was arrested for stealing food from a grocery store. What would be a fair way to hold this man accountable for his theft? When..
Suppose the demand function for a particular good is given by: Q=100-2P. Calculate the point elasticity of demand at price of $10, $30, and $45. At what price and quantity is total revenue maximized? What is total revenue equal to at this quantity? S..
Assume that the wholesale skim milk market is perfectly competitive. Suppose demand is described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there are no price controls, what would be the equilibrium quantity?
Queen Elizabeth has decided to auction off the crown jewels, and there are two bidders: Sultan Hassanal Bolkian of Brunei and Sheikh Zayed Al Nahyan of Abu Dhabi. The auction format is as follows: The Sultan and the Sheikh simultaneously submit a wri..
Several years ago Coca Cola decided to change the formula for its major Coca-Cola product line. They used panel taste-test and branded the new product as "New Coke" It was a failure and the company lost major market share to another soft drink maker...
Select a region and choose a trading bloc (NAFTA, EU, ASEAN, etc.) within that region. In a single paper write two 350- to 500-word articles, one article in favor of regional integration and another article against regional integration. Describe the ..
Many people wish to live in the beautiful town of Beachfront by the sea, but they don’t like the rents. In its current market equilibrium, Beachfront has 20,000 rental apartments at an equilibrium price of $3,000 per month. If you were renting an apa..
What was the "Northern Vision" for the United States?
Suppose that Best National Bank currently has $100,000 in demand deposits and $70,000 in outstanding loans. The Federal Reserve has set the reserve requirement at 20%.
Illustrate what factors might explain why the $A went so low when the Global financial crisis hit the world economy in late 2008?
After a month, the store clerk informs you that the same crate of wine now costs $82. However, there are 7 bottles in a crate. To the nearest cent, determine the average cost of the crate from last month to now.
There are four market models: perfect competition, monopolistic competition, oligopoly and monopoly. Briefly discuss the assumptions of each of these four models and give examples of each. Explain the long run economic profit earned by each of the fo..
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