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How do the concepts of accounting profit and economic profit differ? Why is economic profit smaller than accounting profit? What are the three basic sources of economic profit? Classify each of the following according to those sources:
a. A firm's profit from developing and patenting a new medication that greatly reduces cholesterol and thus diminishes the likelihood of heart disease and stroke.
b. A restaurant's profit that results from construction of a new highway past its door.
c. The profit received by a firm benefiting from an unanticipated change in consumer tastes.
Law of Demand indicates that there is the inverse relationship between price and quantity, why does it matter which particular mix of price and quantity is selected?
Describe the effect of each of the following events on the market for labor in the computer manufacturing industry. Use graphs.
Perform a White test for heteroskedasticity using auxiliary regression
MICROECONOMICS
Evaulate the price elasticity of demand for subway rides. The subway fare in your town has just been increased from the current level of 50 cents to $1.00 per ride.
To maintain utility constant an income adjustment brought the student to consume the basket (61,92). What are substitution effects and the income ?
Political Economy GV307 : Consider the model of “no theft” where the consumer pays the official government price plus a bribe in order to obtain X. Assume that the official marginal revenue for selling the good in this context is given.
Suppose your product is Wendy's hamburgers. First "draw" the demand and suppy curve and see how the equilibrium price and quantity is determeined.
Describe how the market for Alaskan king crab will be affected if, at the same time that medical reports confirm that suspected health benefits from consumption of Alaskan king crab meat, wages are increased for trawler men
Briefly list and elaborate on the factors that will be affecting the demand for the following products in the next several years. Do you think these factors will cause the demand to increase or decrease?
Consider the price-taking firm in competitive industry for raw chocolate. The market demand and supply functions for raw chocolate are estimated to be
The expected returns earned from investment in the stock of two companies, Company A and Company B, are shown in the following table. Use the table to complete parts (a) through (e) below.
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