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The majority of the world’s diamonds comes from Country A and Country B. Suppose that the marginal cost of mining a diamond is $1,000 per diamond and that the demand schedule for diamonds is as follows: Price Quantity $ 6,000 5,500 5,000 6,500 4,000 7,500 3,000 8,500 2,000 9,500 1,000 10,500 If there were MANY sellers of diamonds, what would equilibrium price and quantity? Why?
Under patent protection, a company has a monopoly in the production of a high tech component. Market demand is estimated to be: P = 100 - 0.2Q.
How much money can his bank lend out initially? How much total money supply will change eventually in the whole banking system?
What is the difference between fixed cost and variable cost? Explain the shape of the Total Variable Cost curve and explain why and how the total cost and total variable cost curves differ.
Fill in the table for the perfectly competitive firm. Explain how you arrived at each number and what is the optimal output, price and profit of the firm?
Determine the least cost size and number of the milk processing plant using the equation and Derive the marginal cost for the two products 1&2 and show that it is a constant.
1) If it costs more energy to recycle than to dispose, shouldpeople be incourage to recycle 2) Oregon Forrest Restoration Act requires a logging companythat cuts a tree, must plant 3 to replace it. Why do you think mosteconomist saythis law is not..
Jay's Silk Printing Co. is located in a small university town. The major portion of their business is custom printed sweatshirts for university bookstores. As a sideline, they also retail sweatshirts locally. The local demand for sweatshirts is: Q..
Analyze how inflation could occur in a society that relies exclusively on barter versus money. Speculate what form inflation would take and how you would recognize it. Provide support for your response.
Examine the basis for the trends in consumption patterns, as discussed in any article and explain what has occurred to change the demand for, or the supply of, the products, and market prices of those products.
explain the points in the process where the vendor has an opportunity to add value, be sure to answer the following questions, how does value vary for a large purchase versus a smaller one, does adding value cost money
How does an increase in an excise tax on cars affect the supply of cars. more cars will be made or fewer cars will be made or else.
the effect of new technology on consumers is that it makes life easier for society. Cell phones have become miniature computers that can do just about anything we want now. Our cell phone for the past few years have a lot more processing power tha..
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