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Define the term equilibrium as used in economics. What does it mean?
Doesn't being more tuition inelastic mean one is less likely to be affected by a tuition increase? Wouldn't the junior or Senior student be less likely to switch schools?
Explain how is the aggregate supply curve different from the supply curve for a single good like pizza.
Explain how would you classify the product in terms of it's income elasticity.
Illustrate what price should the theater charge for a ticket if it wants to maximize profit. how big will its profit be. What price would you like to charge.
Illustrate and fully explain using an example of relevant cost (a cost whose value does affect the optimal decision) and an example of irrelevant cost (a cost whose value does not affect the optimal decision) to the business regarding this decisio..
The Federal Reserve Board testimonies, press releases, monetary policy reports, the Beige Book, and a variety of other publications offer a detailed assessment of current economic activity, financial markets, and the monetary policy tools used to ..
There is an investment opportunity that you would like to analyze. The opportunity requires that you pay $20,000 today, and in return, the investment would send you a check for $6000 at the end of the first year, $8000 at the end of the second yea..
Many controversial issues in public finance concern when a central authority should allow markets to work and when it should intervene. Generally we think of the government as the central authority, but it could be a university as well.
Production possibilities have been used by several economist to develop their theories. What is its definition?
The demand curve is given by QD = 500 - 2PX a. What is the total revenue function? b. The marginal revenue function is MR = 250 - Q.
What is the monopolist’s profit maximizing level of output?
The minimum wage is used by governments as poverty fighting measure. The use of such means of creating equity among the masses does not always result in desired outcome.
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