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Thirty years ago, the market for chicken was perfectly competitive. Then, Frank Perdue started marketing chicken under his own name. How do you suppose Perdue created a brand name for chicken?
What did he gain from doing so?
What did society gain from having brand name chicken? What did society lose?
In developing a vaccine for a dangerous new strain of flu virus a pharmaceutical company incurs a very high fixed cost. The marginal cost of delivering the vaccine to patients, however, is negligible (consider it equal to zero). The pharmaceutical..
What is the monopolist's profit maximizing level of output? What price will the profit maximizing monopolist charge?
Discuss how the "tale of two auto plants" in the opening article shows how the choices facing a firm marking a long-run decision on plant location are much greater than those for a firm with a plant already in operation.
What is the difference between a publicly held company and a privately held company? How can the two types of companies be identified?
Assuming that sales of oil are normally distributed with a mean of 362,500 barrels and a standard deviation of 100,000 barrels, determine the probability that Offshore will incur an operating loss.
How would government react to sudden, large changes in the price of a key commodity, such as gasoline, electricity, or prices on stocks on the New York Stock Exchange?
Explain the nature of the deadweight losses that occur from a tariff. What is countervailing duty, why is it needed, and how does it work. What is the difference between a specific tariff and an ad valorem tariff.
Margie has just attended the funeral of her son William, who died this week after several years of poor life quality in the same nursing facility. William's first stroke happened 3 years prior; two more strokes followed, and he lingered in poor he..
Draw a diagram showing how the market equilibrium will change if the marginal social costs of a polluting production activity are included rather than just the marginal private costs of that activity.
1.Government policymakers may be elected politicians or appointed experts. Describe some of the specific decisions made by policymakers that affect you personally 2. Discuss the motivation of policymakers. Are they held accountable by voters
An excise tax of $1.00 per gallon of gasoline placed on the suppliers of gasoline in a market with downward sloping demand and upward sloping supply would raise the equilibrium price. a exactly $1.00 per gallon.
Should U.S. national forests become privatized (sold to private owners)? Why or why not? Be sure to back up your response with economic analysis and reasoning.
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