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Suppose that there are two commodities and a consumer prefers more to less of each good. If the consumer has transitive preferences, can her indifference curves cross?
If government imposes a $5 specific tax to be collected from sellers, what is the price consumers will pay. Explain how much tax revenue is collected.
Elucidate what is meant by "double coincidence of wants, and why it poses an impediment to efficient trade in a barter economy.
Consider a simultaneous-move auction in which 2 players simultaneously select bids, which must be in nonnegative integer multiples of one cent.
Laurie’s demand for x is given by . Which of the following best describes Laurie’s demand for x when the price of x changes if her income is 10 and px = 2? (a) Relatively elastic (b) Unit Elastic (c) Relatively inelastic (d) Perfectly inelastic (e) N..
How do Minimum Wage Laws affect the equilibrium in the Labor Market? For your selected product, if the government places a mandated price ABOVE the equilibrium price, how would this affect the market equilibrium?
Entrepreneurship has become the new way of doing business in our world. With economies in decline and organizations downsizing and the lack of opportunities that satisfy, entrepreneurship has been born.
Assume you are a producer and seller of wine. Elucidate whether the following events would affect the demand or supply of wine and the price you will receive.
A monopoly is producing a level of output at which price is $80, marginal revenue is $40, average total cost is $100, marginal cost is $40, and average fixed cost is $10. In order to maximize profit (minimize loss), the firm should
Suppose the market for oranges initially has supply described by P=10+Q (with price measured in dollars per bag and quantity measured in millions of bags) and demand described by P=20 - Q. Suppose a snow storm causes the supply curve to shift to the ..
A more serious problem with input-based pay systems (e.g., a wage her hour), relative to an output--based system, is:
Assume that wages and prices are sticky and that we start at a long-run equilibrium. Assume that at this initial point, the growth rate of the money supply is 4%, the growth rate of the velocity of money is 9% and that the real economic growth rate i..
At the same time some internet trades such as grocery home deliveries have continually suffered steep losses regardless of scale.
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