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For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example. How are the paired concepts similar? How are they different?
a) Riparian vs. prior appropriation water rights.
b) Optimal instream flow vs. optimal reserve site selection.
What is the profit-maximizing price-output combination and what are the levels of the profits and consumer surplus at that point? What is Dead-weight-loss?
Explain why a monopolist will never set a price (and produce the corresponding output) at which the demand is price-inelastic.
Assume that the soft coal industry is a competitive industry and it is in long run equilibrium. Now assume that the firms in the industry form a cartel.
Find out the equilibrium market price. Find out the profits of the leader and the follower
Suppose the emarginal cost of producing the good in before question is aconstant $ 10 per unit of output . What quantity of output will the firm produce.
Changes in government spending and interest rates
You are trying to decide whether to buy some laptop computers for your business in either Canada or in United States. Looking at identical machines on the Dell Canada and the Dell US web sites, you find that they sell for US $2000 (US dollars) in ..
The questions posed are broad and open ended so be careful to allow yourself enough research and planning time.
What is opportunity cost of producing a car in Canada? What is the opportunity cost of producing the tonne of wheat in Canada? Describe the relationship between the opportunity costs of two goods.
Explain the economic situation in the UAE based on the article. Summarize the articles with your own words
Use the data in the table to the right to answer the following questions. What is the external cost per unit of production? What level is produced if there is no regulation of the externality?
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