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What role do property rights play in creating common property resources? Why are common property resources subject to market failure due to non-excludability?
What two properties characterize public goods? b. To avoid market failure, what price must be charged for public goods? why?
Suppose that there is an increase in the demand for personal computer systems. Explain the likely effects on marginal revenue product, marginal factor cost, and the number of workers hired by the firm.
Economic laws are established in order to make successful prediction of the outcome of human action.
illustrate what is cost of each combination. Illustrate what is minimum-cost combination. Plot iso-cost curves and isoquant, explain how cost-minimizing combination.
Viennese artist Gustav Klimt's Portrait of Adele Bloch- Bauer was sold in New York for $135 million. Illustrate using supply and demand curve.
A statistics practitioner drew a random sample of 400 observations and found that x bar = 700 and s = 100. Illustrate what is total amount of output firm should produce.
Suppose price of Treasury bill falls to $925. Illustrate what is interest rate.
Government wants to change its spending in order to avoid a recession. If crowding-out effect is always half as strong as multiplier effect and if MPC equals 0.9, by Explain how much does government purchases have to change.
Illustrate what is the probability the driving distance for one of these golfers is less than 290 yards. What is the probability the driving distance for one of these golfers is at least 300 yards.
Despite this finding, the government mandates that new cars have air bags, rather than taxing their use. Is this policy a contradiction.
If a sample of 110 artists was taken, find the average value above which only 15% would lie. Give your answer in dollars to the nearest dollar.
Discuss the necessary conditions to make price discrimination work and the best practices to use price discrimination to maximize profits while avoiding price wars.
Calculate the tax incidence of the buyers and the monopolist.
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