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Economists say that excess capacity in monopolistically competitive markets is "the cost to society of variety." What is the cost that economists are talking about, and why is this cost the result of having a variety of goods and services?
Describe an industry that would meet conditions of a perfectly competitive industry and how individual firms would respond to an increasing market demand for product.
What will happen to price of old car taken as an inferior goods whose substitute is new car if income of the people rises.
Why do we use present value calculations when analyzing policies that have costs and benefits that play out over time? Why is the choice of discount rate so important?
Though it does lead to an interesting next question. Illustrate what do you think would happen to sale and price of DVDs after this.
The fact that the firms in an oligopoly are mutually interdependent means that each firm:
Suppose there are two types of Scottish beer, Skullsplitter and Dragonhead Stout. Draw indifference curves for the following consumers(put Skullsplitter on the x-axis and Dragonhead Stout on the y-axis).
Calculate the perpetual equivalent annual cost of $5,000,000 in year 0, $2,000,000 in year 10, and $100,000 in years 11 through infinity. The interest rate is 10% per year.
The demand for a product is Qd=100-4P-3Px and supply is Qs=10+2P, where Q is the quantity of the product, in thousands of units, P is the price of the product, and Px is the price of another good. Refer to Scenario 1. When Px = $20, what is the equil..
Total revenue is defined as the product of quantity of an item sold and it price. The price of an item is given by: The total cost incurred is the sum of the fixed costs and operating costs. The latter increases as more items of a product are manufac..
It has been found that immigrants who come to the U.S. from nearby countries (such as Mexico or Canada) have a very high probability of returning to their countries of origin within a few years of coming to the U.S. Holding all other factors constant..
Assume that Country A has a population of 500,000 and only produces 1 good: cars. Country A produces 100,000 cars per year. The people in Country A purchase 90,000 cars, but there are not enough cars to fulfil all the demand. What is the composition ..
Explain how you might use this survey data to predict the difference in the probability of marijuana use between married and single people.
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