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Question1: In 2005, hogs in the US were selling for $67 each, down from $75 a year ago. This was primarily due to fact that supply had raise during the period to 1.8 million hogs per week.
Question2: Early in 2007, a survey of greenhouses indicated that the demand for houseplants was rising sharply. AT the same time, large numbers of low cost producers started growing plants for sale. The overall result was a drop in the average price of houseplants and an increase in the number of plants sold.
MICROECONOMICS
M is the monopolist selling goods G. M's cost function is c(y)=4y where y is total production of G. Some of M's potential customers are members and get the member magazine with coupons.
Explain the law of diminishing returns in your own words. This idea can be applied to other concepts in economics. Think about your own utility from consumption. Give a personal example of diminishing utility.
A firm sells in a competitive market in which price is $10. Its marginal cost is 2 + .5Q. Find out the profit-maximizing level of output.
Can you please explain the profit maximizing decision the perfectly competitive firm makes in the short run and describe why this firm can make profits in the short run, but profits aren't possible in the long run.
In our treatment of the Ricardian model We have focused on the case of trade involving only two nations. Assume that there are many nations capable of producing two goods
What is the effect of the United Arab Emirates' increasing sovereign wealth funds on GDP?
Construct a table showing the marginal cost of production. What is the minimum price necessary for the company to supply ten thousand copies? How many copies would the company supply at industry prices of $5,500 and $7,000 per ten thousand?
Among the 4 principal market structure models, monopoly and oligopoly offer best opportunities for the firm to earn economic profits in the long run. What are some strategies for firm which is earning economic profits to legally sustain them over ..
Describe an example of risk calculation found on the web and what risk calculation technique is illustrated by your example? Would you have employed a different risk assessment technique than used in your example, and why?
Apply the substitution and income effects to the purchase of meat given the lower price. How is this related to the law of demand? Hint: use chicken as a substitute good in your discussion.
Plot these curves on graphs. Compare the cost curves and discuss their characteristics.
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