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Assume that perfectly competitive firms are employing labor in profit-maximizing amounts. Now suppose that, all else being equal, the market supply of this labor increases. How will the firms respond? How will they know when to stop responding?
Evaluate the U.S. nursing shortage in terms of demand and supply.
The current price of gold is $1,800 an ounce, and the current futures price is 1,850 an ounce. Suppose you expect the price of gold to rise and you enter a long position into a future contract to buy gold. What is the amount that you must deposit (ei..
Assume that major wheat producers in the world increased their land under wheat by 30 percent. Graphically show the effect of increase in land under wheat on the grain market.
How markets allocate resources. Derived demand is the change in demand due to a result initiated in another market. Market changes affect the demand for resources in related markets. For the following scenario, you are given a list of products. Draw ..
In early 2008, you purchased and remodeled a 120-room hotel to handle the increased number of conventions coming to town. By mid-2008, it became apparent that the recession would kill the demand for conventions. Now, you must forecast that you will o..
In 2003, when music downloading first took off, Universal Music slashed the prices of CDs from an average of $21 to an average of $15.
What cost does an impact industry pay for capital. What is the total price of producing 120,180, and 240 units of output in the long run.
Find a purely/perfectly competitive industry. State why this industry is a purely competitive market. Give examples as to why. Please use the drop box to submit your extra credit assignment.
Complete the following table which summarizes the weekly sales and cost situation confronting a monopolist: Instructions: Enter your responses for total revenue, marginal revenue, and marginal cost as whole numbers. Enter your responses for average t..
The Fireyear and Goodstone Rubber Companies are two firms located in the rubber capital of the world. These factories produce finished rubber and sell that rubber into a highly competitive world market at the fixed price of £60 per ton. The local gov..
Ricardo was concerned about deviations of the relative prices of commodities when there was a change in the wage and profit rates. Show how he illustrated these deviations. Then explain why Ricardo was not overly concerned about these deviations, and..
A construction manager just starting in private practice needs a van to carry crew and equipment. She can lease a used van for $3,141 per year, paid at the beginning of each year, What is the most she should pay for uniform annual maintenance to make..
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