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Q. Assume initially that demand supply for premium coffees (one-pound bags) are in equilibrium. Now assume Starbucks introduces world to premium blends and so demand rises substantially. Describe Illustrate what will happen in this market as it moves to a new equilibrium. If a hard freeze eliminates Brazil's premium coffee crop, illustrate what will happen to cost of premium coffee?
What happen if the marginal product of labor is 23, is the firm minimizing cost. What happen if the marginal product of labor is 21, is the firm minimizing cost.
For a competitive firm facing a market price above average total cost, the existence of economic profits means that the firm should increase output in the short run even if price is below marginal cost.
One point made is that most demand curves are downward sloping. Can you think of any situation where an individual's demand curve for a product is upward sloping.
Explain is any outcome generated by a Nash equilibrium not generated by any subgame perfect equilibrium.
Identify 3 types of competition that most firms encounter other than competition from other firms in their industry in their home nation.
Do opportunity cost play a role in people's decision to specialize in certain activities. What describe the price at which trade takes place.
Amend the diagram and use similar algebra to figure out Illustrate what happens again.
Describe how each of these activities affects government, households, and businesses. Describe the flow of resources from one entity to another for each activity.
In the market economy that relies on the law of supply and demand, determine which of the following does not fit with the other:
Discuss how elasticities should be used in pricing decisions. If you were responsible for setting the price of these volumes, what would you choose and why.
Compute the minimum rate of interest, and, therefore, the risk premium, at which you would lend $1000 on the informal market. Suppose you are risk-neutral.
Fully evaluate these regression results, including computation of t-statistics, adjusted R2, and the F-statistic.
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