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De-funding the National Weather Service
Senator Rick Santorum (R-PA) has suggested de-funding the National Weather Service, arguing that households receive weather information from media outlets and businesses can receive subscription (paid) weather forecasts from private weather forecasting firms. Consider the externality/public good aspects of weather forecasts and argue for or against such a "privatization" of weather forecasting.
Show the weekly relationship among output also number of workers for a factory with a fixed size of plant.
Suppose that in response to learning that some sick individuals were denied health insurance, the government mandates that insurance companies must offer insurance to everyone at unregulated rates.
Illustrate a supply or demand curve shift for the following article. The price of oil fell on Monday, January 12, 2009 as the weak economy has undermined oil demand. Light, sweet crude for February delivery fell $3.24 or 7.9%, to $37.59 a barrel.
Explain why both marginal and average costs are believed to eventually increase in the short run.
Using a supply and demand graph, make one shift of wither the supply or demand curve to illustrate the likely result of this action.
Compute the coefficient of price-elasticity of supply for the seven prices ranges given above and complete the table.
Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
Elucidate why does the Fed like to fight inflation in our economy and is inflation a concern right now given our current economic situation.
What is opportunity cost? Explain with the help of an example, why assumption of constant opportunity cost is very unrealistic? Explain law of demand with the help of a demand schedule and demand curve.
For a perfectly competitive firm the price is $2 per unit. At this price the firm is producing and selling 10,000 units. It costs $1.50 to produce the last unit. Should the firm produce more? Less? Why?
Elucidate proportion of the variation in sales is explained by the independent variables in the equations
Assume the problems of maximizing solves the first problem if and only if it also solves the second problem.
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