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1. explain key microeconomics terminology 2. differentiate between microeconomics and macroeconomics 3. create and use economics graphs and numerical models to analyse and solve microeconomic problems.4. explain the costs and benefits of internatinal trade, including calculation of gains from trade. 5. anayze the implact of government activity in markets. 6. determine optimal consumer buying decisions in the context of utility theory. 7. compare and contrast optimal pricising and output decisions in various market structures 8. apply supply and demand theory to both prodcut and factor markets
Which of the following curves—average fixed cost, average variable cost, average total cost, and marginal cost—would shift as a result of the lump-sum tax? Why? Show this in a graph. Label the graph as precisely as possible.
1. what is the major problem in achieving an efficient use of the worlds water? if there were a global market in water
1. consider a market for an electronic component used in airport radar systems. two firms hold a patent on the
The economies of two countries, Thrifty and Profligate, have the same production functions and depreciation rates. There is no population growth or technological progress in either country. The economies of each country can be described by the Sol..
Consider another policy where the government could impose a price ceiling p on the monopolist. If the government were interested in maximizing social surplus, what would be the optimal value of p when considered from the point of view of the gover..
A growing number of businesses-including videogame developers, cigarette companies, soft drink producers, liquor marketers, and fast food chains-are feeling the heat from government, the press, and society at large for encouraging harmful consumer..
1. a politician was recently quoted as saying our country can only reach full employment by raising the minimum wage
problem 1nbsp consider a linear model to explain monthly beer consumptionwrite the transformed equation that has a
Suppose you have been asked to make a report for a group of new stock brokers about NYSE-Euronext and the NASDAQ.
Immediately after the second payment, the terms of the agreement are changed to allow the balance due to be paid off in a single payment the next year. What is the final single payment? (final answer should be $7778).
What is the source of these profits? Upon patent expiration, numerous rival drug companies offer generic versions of the drug to consumers.
Give examples of scenarios that would cause a change in demand versus a movement along the same demand curve and supply curve for this product. Discuss the new equilibrium price and quantity that result from these changes. Can you demonstrate some..
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