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Regarding market constraints: A. Explain how taxes and quotas will affect the market price, the consumption level, and total (consumer plus producer) surplus in a particular market. B. Will you answer depend on whether the market is perfectly competitive vs. monopolized by a single firm? Explain. C. Repeated (important question): An article in the Corvallis Gazette-Times (“Water Worries Draw Study of Willamette, February 26, 2011, p. A3) suggests that global warming will cause a water shortage in the Willamette Valley. What is meant by a shortage? Can global warming cause a water shortage if there is a free market (i.e., no government involvement) for water?
A firm in a perfectly competitive market will produce no output in the short run if the price is below $20 but will produce if the price is above $20. The smallest quantity they will produce in the short run is 6. Firms will earn 0 economic profits i..
A medical device company has a monopoly on a certain class of cardiac implants. Demand for the implants is given by P=28000-5Q and marginal revenue is given by MR=28000-10Q. The total fixed costs for the implants division is 50000 and the marginal co..
If the entry barrier is removed consumers will be better off because consumers will enjoy greater consumer surplus. Explain.
Choose a specific target market that an advertiser might want to reach. Discuss how magazines and/or newspapers could be used to reach this particular market segment in a cost effective manner
Identify at least one important entrepreneur that you would consider an "entrepreneurial legend" and state why you consider the person to be (or have been) exemplary. You must also identify at least one economic decision made by this entrepreneur tha..
q.jennas boss has decided to pay her a one-time bonus of 5000. she decides to save the money until she retires 4 years
Why do pork also lamb have comapritively high price elasticities of demand compared with the other foodstuffs in the table.
Raw materials cost for part is $150, and value added in manufacturing 1 unit from its components is $300, for a total cost per completed unit of $450. How many units of part are held, on average as pipeline inventory.
If input prices had increased as firms entered the lithium industry in response to rising demand, what would have been the shape of the long-run supply curve? If the market demand for lithium were to decrease during the 2020s, what would happen to th..
A flat tax plan allows individuals to deduct a standard allowance of $10,000 from their wages. Assume that the flat tax rate is 12%. Calculate the amount of income tax and the average tax rate if you were earning: $30,000 a year $60,000 a year
How much would the owner of a building be justified in paying for a sprinkler system that will save $750 a year in insurance premiums if the system has to be replaced every 20 years and has a salvage value equal to 10% of it's initial cost? Assume mo..
Assume that wages and prices are completely and immediately flexible. Assume that oil prices increase in the United States.
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