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One year during this period a poor harvest had a negative impact on supply of bread and the supply curve shifted resulting in an increase in market price. New York bakers found that the controlled price of bread in New York was below the new market price.
Draw a diagram showing the effect of the price control during this one year period. Did the price control policy worked as a price ceiling or price floor in this new scenario?
What inefficiencies could arise in this time period?
What is the first order condition for profit maximization for firm 1? compute the optimum quantity x1 for firm 1 as function of quantities x2 and x3.
Give an example of how you would use this information to set the price for your product in the market place and explain one factor in detail about how shifting demand and supply curves makes market demand estimation difficult
What is the relationship between a monopolist's demand curve and the marginal revenue curve. 2. Draw a graph that shows a monopolist earning a profit. Be sure your graph includes the monopolist's demand, marginal revenue, average total cost,..
what determinants affect supply and what affect demand. Once you have drawn in your change, write a short explanation for each question discussing what would be the new equilibrium price and quantity levels because of this change.
Johnston production is the price taker which utilizes this cost structure in the short run:
How does the existence of money reduce the costs of making transactions ,relative to a society based entirely on barter. English is becoming the usual language for international transactions, even if the language of neither country is English.How ..
According to the classical economists, unemployment was a temporary deviation from equilibrium, and certain forces in the economy would return it to full employment. Such forces did not include a.price competition b. wage competition
Indicate whether or not each of the following examples of business behavior are legal or illegal under current antitrust law, and mention whether violations under the Sherman Act, Clayton Act, and/or Federal Trade Commissions Act are involved. Pro..
The fixed costs at Harley Motors are $1 million annually. The main product has revenue of $8.50 per unit and $4.25 variable cost. Find out the following.
Assuming the industry is perfectly competitive, calculate the domestic equilibrium price and output combination and Is the outcome in part B desirable from society's viewpoint
How much total utility does the consumer receive
Can you identify factors that led to our country's trade deficit? Do you believe our country has developed a great dependency upon foreign goods and natural resources in which manufacturing and production have been hindered domestically as a resul..
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