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In the 2010 holiday season, Steve Richardson decided to cut the prices of his handcrafted wooden puzzles to increase sales. According to a newspaper account, "the number of orders at Stave Puzzles Inc., his Norwich, Vermont, business, hasn't been enough to offset the price cuts." Is the demand for these puzzles elastic or inelastic? Briefly explain. Source: Emily Maltby, "In Season of Big Discounts, Small Shops Suffer," Wall Street Journal, November 24, 2010.
Explain what happens to a market when Supply and Demand are not in equilibrium. Provide two instances from your personal experience when you observed the "disequilibria" of supply and demand in the market,
Explain, using diagrams, why a monopoly can potentially earn super-normal profit in both the short run and the long run, while perfectly competitive firms can only earn normal profit in the long run.
Explain the concept of price escalation and why it can mislead an international marketer - What are the causes of price escalation
To help fight the problem of nonpoint source pollution associated with agricultural runoff, your state is contemplating charging an annual fee of $500 to every seller of pesticides. If this fee is to achieve an efficient solution, state specifical..
Consider a perfectly competitive market with (inverse) demand of P = 90 - 3Q and supply of P = 10 + Q. Decide the equilibrium price and quantity. Compute consumer and producer surplus. What is the marginal cost, MC? What is the average cost, AC?
breakeven cash inflows and risk. pueblo enterprises is considering investing in either of tow mutually exclusive
We make selections as customers every day. Opportunity cost is defined as a person's next best option or the cost of what you give up when you make a choice.
Draw demand, marginal revenue and marginal cost curves. Calculate and show how much this firm will sell and what they will charge. Calculate producer surplus with monopoly and the consumer surplus with monopoly. How much would be produced if this wa..
If Net Investment = 0 that means that we have neither lost nor gained capital in a given year. What is wrong with that? Why is structural unemployment a greater problem for older workers than it might be for younger workers? Economic growth is not re..
The state of New Mexico appropriated $840,000 to improve the program of animal inspection and movement control so that officials will be able to track and identify all animals and premises that have had contact with an animal disease within 48 hou..
During 1997, stock markets in Asia collapsed. Hong Kong's wasdown nearly 30 percent, Thailand's was down 62 percent, andMalaysia's was down 60 percent. Japan and Korea experiencedbig drops as well. What impacts would these events hsave on theecono..
assume that the government imposed a price floor on wages minimum wage in order to make sure that workers can earn a
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