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Suppose that the demand for olive oil is highly inelastic. Also suppose that the supply of olive oil is fixed for the year. If the demand for olive oil suddenly increases because of a shortage of corn oil, you would expect a _____________ in the price of olive oil. a. Large increase. b. Small increase. c. Large decrease. d. Small decrease. e. No change.
What is the external cost per unit of output?b. What level of output will be produced?c. What level of output should be produced to achieve economic efficiency?
Assuming that all of each firm's $16 fixed cost is sunk, what is a firm's short-run supply curve?. What is the short-run market supply curve? c. Determine the short-run equilibrium price and quantity in this industry.
St. Joseph Health Center in St. Charles, Missouri, is on a quest to improve quality. Although good quality is important in any organization, it is especially vital (and urgent) in a medical setting. Would you recommend that St. Joseph's top managers ..
Suppose a single firm produces all of the output in a contestable market. The market inverse demand function is P = 250 -5Q, and the firm’s cost function is C(Q) = 6Q. Determine the firm’s equilibrium price and corresponding profits.
Explain whether increases in gasoline taxes are effective means for raising tax revenue. Circa 1990 Colorado decided that long-haul truckers needed to pay for a larger proportion of the wear and tear on the state's highways and increased the tax on d..
Critically analyze the pros and cons of putting a price ceiling on prescription medicine. Make sure to use concepts from both chapters seen this unit such as government intervention, inefficiencies, price elasticity, etc. in your answer. In the first..
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.
Your investment has a 5% chance of earning a 48% return, a 25% chance of earning a 17% rate of return, a 35% chance of earning an 9% rate of return, a 25% chance of losing 14%,and a 10% chance of losing 33%. What is the standard deviation of this inv..
Suppose that low-skilled workers employed in clearing woodland can each clear one acre per month if each is equipped with a shovel, a machete, and a chainsaw. Clearing one acre brings in $1300 in revenue. What is the marginal revenue product of hirin..
The special demand structure that induces a firm to use a cross-subsidization strategy is:
A competitive firm’s cost of production is C(Q) = Q^3-20Q^2+125Q. The firm’s problem is to choose the value of Q> or = 0 that maximizes its profit. Draw a picture of the firm’s supply curve. You should show the exact coordinates of the points where Q..
assume that isoland has a closed economy. Isoland national investment is $50,000,000, its private saving is $60,000,000 and its taxes minus transfer payment equal $65,000,000. Explain how much are islonad's government purchases.
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