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What do economists call the difference between how much a consumer is willing and able to pay for a good or service and the dollar amount that he or she actually pays for it? a. sunk cost b. consumer surplus c. negative externality d. adverse selection
Suppose the own price elasticity of demand for good X is -4, its income elasticity is 3, its advertising elasticity is 4, and the cross-price elasticity of demand between it and good Y is 4. Determine how much the consumption of this good will change..
What is the value of the total withdrawal (Savings + Taxes + Imports) when the economy is in equilibrium? Where I don't know the vaule for S (Savings).
Evaluate the institutionalist economists. Determine which economist you feel made the most significant contribution to economic theory. Justify your selection.
Alice runs a restaurant and it is only open on Wednesdays and Saturdays. Her total cost is TC=10+q2 where q is number of meals served per day. Her restaurant is a price taker. A meal is sold at $12 on Wednesday and $20 on Saturday. Get her average c..
what effect would this change have on the wages in the two markets you illustrated in part (a)? what effect would the change have on the average wages of men and women?
Differentiate between the following common flow chart symbols (square, diamond, inverted triangle circle, and arrow) and give an example of each.
Brice just finished a residence in internal medicine and wants to go into practice with Horace and Joyce. Brice tells you that while he needs to practice with other physicians for call coverage and for other reasons, he does not want to be personally..
Consider the case of asymmetric information discussed in section 3.5, in which a seller may know that her product is high in quality but a buyer may not know it. describe two different steps the seller might take to avoid the adverse selection proble..
Using a market or industry as an example, explain how the Prisoners' Dilemma game helps explain observed (real-world) behavior among oligopolistic firms.
Determine the present worth of a geometric gradient series with a cash flow - List the essential elements involved in decision making in engineering economic analysis.
An economy has a Cobb-Douglas production function: At what rates do total output, output per worker, and output per effective worker grow? Solve for capital per effective worker, output per effective worker, and the marginal product of capital.
According to The Wall Street Journal, Mitsubishi Motors recently announced a major restructuring plan in an attempt to reverse declining global sales. Suppose that as part of the restructuring plan Mitsubishi conducts an analysis of how labor and cap..
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