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If the per-unit price of college education rises and the prices of all other items fall, is it possible for the consumer to end up on the same indifference curve as before the price change? If so, will the consumer be purchasing the same market basket?
Public utilities such as electricity are referred to as natural monopolies and are often subject to regulation by a state authority
What is the negative consumption externality described in this quote? Show this externality on a correctly labelled demand and supply diagram for the petrol market.
Name some areas of business in the United States where the prevailing market structures have changed dramatically in last 20-years and discuss the direction of change
can country A change the outcome of the game by burning the bridge they are crossing to invade and committing its troops to fight? expand the game tree to show this option for county A and find the new Nash equilibrium. Explain
Analyze the makeup and policies of the European Union and determine if all countries have benefited from their membership (larger vs. smaller countries)
Suppose the Demand for baseballs is given by Q = 200 - 8P. a) What is the price elasticity of demand when P = 6? b) At what price will Total Revenue be maximized? c) What is the firm's Marginal Revenue when the price is $10?
Outline a microeconomic reform issue that is relevant to the Australian economy and how successful do you think these reform measures were and say why referring to some data or research that has been performed?
When is a stratified sample an appropriate sampling technique? specific characteristics of the population are of no concern individuals in a population are not equal each member must have an equal chance of being selected you have a small population ..
Explain how a firm values the contribution of workers to its profitability. Would a profit-maximizing competitive firm ever stop increasing employment as long as marginal product is rising?
Suppose that the banking system is in reserve equilibrium. The Fed conducts an open market buy of Treasury securities in the value of $1 billion.
Ten firms compete in a market to sell product X. The total sales of all firms selling the product are $2 million. Ranking the firms' sales from highest to lowest, we find the top four firms' sales to be $260,000, $220,000, $150,000, and $130,000, ..
Optimal pricing strategy varies significantly across different market structures. The pricing guidelines in a monopoly market are relatively straightforward. Since the company is the only producer offering the product, it can mark-up the price as ..
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