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Brian and Julie are the only people in town that like apple pie. Brian's demand is given by the equation P = 10 - 2Q, and Julie's demand is P = 10 - Q.
a. What is the total town demand?
b. Suppose Eric moves to town. His demand is given by the equation P = 10 - 3Q. Now what is the total demand?
Consider the four factors of production in economics. Suppose that in order to operate your business, you lease retail space in a building downtown. Define all four factors of production and identify which factor of production could categorize this b..
Identify and discuss some of the other factors that influenced the growth of social media. To get you started and pointed in the right direction, consider how the use of digital cameras, digital video cameras, cell phones with cameras, and portable d..
Which economic decision makers determine the demand for labor. What are their goals. Illustrate the decision criteria do they use to reach their goals.
Bob’s Whole Catfish is a southern Alabama farm that operates in the perfectly competitive catfish farming industry. Bob’s short-run total cost curve is STC(Q)=400+2Q+0.5Q2 where Q is the number of catfish harvest per month. All of the fixed costs are..
Compute the compensated demand (at the new prices) for the following utility functions. Assume I = 1, initial prices are px = 1 = py, and price of x rises to p?x = 3 while py is unchanged.
Evaluate whether each of the following statements is true or false. Explain your answer and provide supporting rationale. The short-run aggregate supply (SAS) curve slopes upward because households spend more as their incomes increase. The long-run a..
Analyze the differences and similarities among firms for two different market structures: Monopoly and Monopolistic Competition. Clearly demonstrate how both types of firms determine the quantity (Q) to produce that maximizes profit.
The investors in exercise 2 are surprised by firm's performance in year 5. Instead of being $20 million, the firm's profits are $40 million. What happens to firm B's stock price in year 6 and 7?
Explain why Kant was a "deontological ethicist" and his problems with the difficulty of teleological or consequential ethics, explaining in depth and in detail: Kant's Categorical Imperative giving focus to Kant's intention with the term "Categorical..
Why does equilibrium real GDP occur where C + Ig = GDP in a private closed economy? What happens to real GDP when C + Ig exceed GDP? When C + Ig is less than GDP? What two expenditure components of real GDP are purposely excluded in a private closed ..
"The extension of the public domain to include mines, quarries, oil wells, forests and water power.” As it happened, the political party had only limited success, with its Presidential candidates getting just 6 percent of the electoral vote.
Do protectionist policies benefit producers, consumers, workers, or the government
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