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Briefly describe the difference between the mechanism of an oral or English auction and a Vickrey or second price auction. Is there any difference between the winning bidders in the two auctions, and the winning payments made in the two auctions?
q1. using graphical analysis describe the effects of the following events on their respective markets. concisely
Arista always spends 30% of her income on whozits. Assume that her income increases by some percentage while the price of whozits remains constant (and that all whozits cost the same). What is her income elasticity of demand for whozits?
List who you think were the top 5 players (whose ideas were most influential) through Chapter 12. For each, provide a well-written sentence or two describing their contributions to the development of our economic thought.
q1. the article discusses the decrease in firm costs. should the decrease in costs affect the quantity supplied? why or
Mill's answer to number four is explained because of progress in: The solution to a commercial crisis is, according to Mill: According to Mill in the reading on Interest, interest pays the owner of capital for his: Discovery of natural resources. Pop..
When confronted with a natural monopoly that restricts output and charges monopoly prices, the two methods that government have for promoting better outcome are:
You are the manager of a firm that produces output in two plants. The demand for your firm's product is P = 78 - 15Q, where Q = Q1 + Q2. The marginal cost associated with producing in the two plants are MC1 = 3Q1 and MC2 = 2Q2. What price should be c..
You have an insane roommate who plays “Let it Go” (from Frozen) on repeat on her phone all the time and thinks that everyone should put on pink tutus and sing very loudly and dance to it. You share your apartment with him and with three others. Shoul..
Case Study - Technology and Economic Change and what are the causes of economic growth in potential output in the long-term? Apply the theory to illustrate and explain your answer with an example.
A firm with pricing power (i.e. a price-maker) estimates that the elasticity of demand for its product is __A___. To maximize profits by what percentage above cost should it markup its price? (Show your work).
What is the difference between contractionary and expansionary monetary policy? What is the intention of each policy under a depression, recession, or robust economy? Which type of monetary policy is more appropriate today and why?
If the? long-run average cost curve continuously slopes upward as output? rises, minimum efficient scale would be
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