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1. Draw supply and demand for product showing the equilibrium price and quantity. illustrate what would happen if all the transactions costs of market were reduced. generally, what is the impact of transactions costs on the operation of the marketplace?
2. What happens to producer surplus and consumer surplus if transactions costs are reduced?
3. For any company operating in a marketplace, the firm attempt to maximize the value of company's worth by setting output where:
a. costs are lowest
b. P<AVC.
c. MR = MC
d. AR = MC
Researchers have found a hybrid of corn that is cheaper to grow. This technological breakthrough
q1. where does the national unemployment rate stand relative to the natural rate of unemployment? you can visit the
What is regionalism? Use European Union as an example to illustrate the major steps toward regional integration. What major features can you identify for regional integration in Europe, North America and East Asia? What are the dynamics for regional ..
Suppose Charlie Brown opens a lemonade stand. He hires Linus and Lucy for $12 a week ($6 each). He "rents" pitchers and spoons from his mother for $5 a week and spends $20 a week on paper cups, lemons, sugar, and other materials. Before he opened the..
Calculate the elasticity of demand for good X with respect to the price of X, the price of Y, income, and advertising. Calculate consumer surplus at the profit-maximizing price if the marginal cost is $264.
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Which good is likely to have more elastic demand: soda or new cars? Explain your answer, also assume that all brands of each good experience a price change.
Suppose that the Canadian economy, on a fixed exchange rate, has a real growth rate of 2% and is in equilibrium with an inflation rate of 10% and risk premium of 1%. Suppose that changes in the US cause its real rate of interest to increase from 3% t..
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Relative to managers in more monopolistic industries, are managers in more competitive industries more likely to spend their time on reducing costs or on pricing strategies?
Suppose a company produces $5M worth of output and has sales of $2M each to domestic and foreign customers. It imports $1 M worth of raw material, pays its workers $3M in wages, pays its creditors $2M in interest, and has minus $1M in profits for its..
The Abner Corporation, a retail seller of television sets, wants to determine how many television sets it must sell to earn a profit of $10,000 per month. The price of each television set is $300, and the average variable cost is $100. What is the re..
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