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Semi-Salt Industries began its operation in 1975 and remains the only firm in the world that produces and sells commercial-grade polyglutamate. While virtually anyone with a degree in college chemistry could replicate the firm’s formula, due to the relatively high cost, Semi-Salt has decided not to apply for a patent. Despite the absence of patent protection, Semi-Salt has averaged accounting profits of 5.5 percent on investment since it began producing polyglutamate—a rate comparable to the average rate of interest that large banks paid on deposits over this period. Do you think Semi-Salt is earning monopoly profits? Why?
Statistics show that vacancy rates average 20 percent on any given night." Assuming his statistics are correct, evaluate his negative assessment of the situation in terms of business-stealing and product-variety externalities.
A market has a demand curve described by P=26-Q, a supply curve described by P=10+Q, and a price ceiling of 12. Calculate the Total Surplus of the market with the price ceiling.
Illustrate what is the probability that a simple random sample of auto insurance policies will have a sample mean within $25 of the population mean for each of the following sample sizes: 30, 50, 100, and 400.
Suppose the U.S. government was able to determine which industries would grow the most rapidly over the next 20 years. Explain why this doesn’t necessarily mean there should be a policy to support the growth of these industries. Analyze the disadvant..
Elucidate how would this increase in confidence affect the value of the dollar. Elucidate how would it affect the trade deficit.
The more abundant are idle resources when AD (aggregate demand) rises
Suppose that the Federal Government announced a tax rebate of $500 for all individuals filing singly and $1000 for all families filing jointly or as head of household in the upcoming tax year. Further, suppose that the Government budget included a br..
the government implements a 25% tax on labor income as a way to raise revenue. Calculate the excess burden resulting from this tax, and illustrate your answer with a graph
Draw the complete intertemporal consumption-savings model, and label completely and correctly. You may choose whether your consumer is a borrower or a lender, but state your choice.
If Brad works in the labor market, he can earn a wage of $500 per hour, while Angelina can earn $600 per hour. Considering comparative advantage, which of the two should specialize in the labor market? Explain.
Your income rises from $1,000 a year to $10,000 and your purchases of beer increase from 10 to 20. Assume a linear relationship between income and quantity demanded. What number below most closely approximates your income elasticity at income equals ..
Using a supply-demand diagram, show a labor market with a binding minimum wage. Now, use the diagram to show those who are helped by the minimum wage, and those who are hurt by the minimum wage.
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