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In relating to page 256 that Sears might deliberately damage its white appliance goods. Then why do you suppose that many doctors happily take on senior patients who pay less per visit than you I and I might pay? Who might come more often to see the doctor either a senior patient or someone in his or her twenties? After reviewing this example, would you suggest that doctors of our day are not playing "Robin Hood" but are in fact, price discriminating monopolists?
Is this analysis consistent with the proposition which money has real effects in the short run but is neutral in the long run.
Explain how many units of pork will the government be forced to buy to keep the price at $2.25. How much will the government spend in total.
We use percent-changes in the formula for estimating the price elasticity of demand coefficient in order to:
The participation of women in the U.S. labor force has risen dramatically since 1970. How do you think this rise affected GDP? Now imagine a measure of well-being that includes time spent working in the home and taking leisure. How would the change i..
Write a formula which describes the marginal product of labour in the short run as a function of the amount of labour used.
Total industry sales are $105 million. Top four firms account for sales of $10 million, 9 million, 8 million and $5 million, respectively. What are four firm concentration ratios.
In the local In a local market, the monthly price of Internet access service decreases from $20 to $10, and the total quantity of monthly accounts across all Internet access providers increases from 100,000 to 200,000. What is the price elasticity of..
Ted’s utility function characterizing preferences over apples and bananas is U a,b= 4a + 6b^2. . How many apples does Ted demand if Pa= .5 and Pb=1 , and he has $10 to spend?
Why is aggregate demand curve downward sloping? (Interest-rate effect, foreign purchases effect and real-balances effect be able to explain logic behind each of these) What are the determinants (shifters) of AD curve. Be able to determine the equilib..
Some people claim that the "economic way of thinking" does not apply to issues such as health care. Elucidate how economics does apply to this issue by developing a "model" of an individual's choice.
Discuss the Federal Reserve's assessment of the current economic activity and financial markets. Elucidate the Federal Reserve's current view about inflation.
Elucidate what will happen to equilibrium cost and quantity of satellite TV service if wages of workers who provide satellite TV service increase while at same time cost of cable television service.
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