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Suppose you earn $14 an hour and every day you go to lunch at your favorite restaurant, Café Excel, where you spend 30 minutes in transit and waiting for a table, then spend 30 minutes eating and pay $16 for lunch. Suppose further you get a raise to $20 an hour and simultaneously Café Excel has a special allowing you to pay only $12 for lunch. What is the difference in the full price of lunch after your raise? Explain thoroughly.
For each of the following, is the industry perfectly competitive? Referring to market share, standardization of the product, and/or free entry and exit, explain your answers.
Suppose that oil prices rise sharply for years as a result of a war in the Middle East. Illustrate with a diagram what happens to the: Demand for automobiles? Demand for home insulation? Demand for coal? Demand for tyres? Demand for bicycles?
one reason for government intervention in the economy is to discourage the consuption of goods which have negative externalities. Carefully explain why and the extent to which these goods should be taxed.
Many people believe that suburbanization is a phenomenon that started to develop in the 1950s. If we examine land use patterns in the United States, why is the concept of decentralization call a better description of the process
How should the firm allocate production?—How much should Factory #1 produce and how much should factory #2 produce?
Institutional economics, especially applied to metropolitan areas, highlight problems with human capital theory and help us better understand wage differentials. Explain factors that shape wage differentials by metropolitan areas.
In what ways is state power changing (increasing, decreasing, shifting, diffusing)? and What are the implications of these changes for how we tackle some of the global issues?
Instead of the tax per bottle, suppose that the government imposes a tax on Placebo of $10,000 regardless of how many bottles are produced. How does this tax affect Placebo’s price, quantity, and profits? Explain.
Alfred Kahn, currently an economics professor at Cornell University, led the United States drive to deregulate airline industry as chairman of the Civil Aeronautics Board under President Jimmy Carter.
Discuss how the rights of those in the public sector differ from those in the private sector, and how it affects overall public sector productivity.
a number of legal firms now offer services on the internet.1. in what respects does the market for legal services such
Insurance agents receive a commission on the policies they sell. Many states regulate the rates that can be charged for insurance. Would higher or lower rates increase the incomes of agents Explain, distinguishing between the short run and the lon..
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