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Speedy Limo is a limousine service located on the north side of Cleveland. It specializes in transporting people to and from Hopkins International airport, although it will deliver people anywhere in the Cleveland area. It competes with taxis and public transportation as well as people deciding to drive their own cars. The demand for the firm%u2019s services has been increasing as more consumers use the service for convenience and due to higher parking rates at the airport. However, increases in gasoline prices and wage rates for drivers have increased costs for the firm. Describe the supply and demand shifts that are occurring for this firm (graphs might help in your description). What would happen to the demand curve if the major taxi companies lowered their prices? If you were asked to forecast future demand for this firm, how would you set up a forecasting model?
The short-run and long-run effects of this change for the levels of per-capita output, and the growth rates of (total) output and per-capita output.
Assume that raising the marginal income tax rate raises $200B which could be spent on infrastructure projects. Explain how would we measure the cost of the project to determine whether it is worth undertaking.
Show the balance sheets of Swede world only commercial bank after the initial deposits
You can now think of the firm as using two additional inputs, pollution vouchers and smokestack filters, to produce x output legally. Does the overall production technology now have increasing, constant, or decreasing returns to scale?
Suppose that the supply curve of healthcare services is perfectly inelastic. Analyze the impact of an increase in consumer.
Austerity measures implemented in several European countries will mean lower level of government expenditures for these countries? For these countries, this would cause
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Illustrate what is the product maximizing level of output for this producer. Will the producer make a positive profit at this level of output.
Why do monopolistic competitors have a tendency to advertise much more than perfectly competitive firms?
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Can this model explain the fact that unilateral divorce law increased the divorce rate temporarily.
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