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Think about the ecological biome where you currently live or grew up. Would you classify it as temperate forest, temperate grassland, or another biome? What are the dominant types of vegetation and animal species that live there? How have human activities changed your biome over time?
Consider a monopolist with production cost function 40 + 20x, where x is the amount produced. Let D(p) = 50 - p/2 be the demand-price relationship. What is the elasticity of demand at the price p = 20. At the price p = 44, if the monopolist wishes to..
In order to show that perfectly competitive markets are efficient, economists assume that such markets are characterized by “perfect information.” How can imperfect information create inefficiency in what would otherwise be a competitive market?
Delineate which marketplace participants you believe benefited from the final court decision also whose interests were harmed.
Based on the other examples of SEZs that we have read about, what are the pros and cons of this policy for various stakeholders?
The researchers were interested in learning whether these data provided evidence that in significantly more than 50% of couples the male says "I love you" first
You have a weekend budget of $27 and the prices of movie tickets and gallons of gasoline are $9 and $3, respectively. Draw the budget line for this situation
For each firm within an industry, T = X(X - 1)2 + 25X; where T is the long-run cost of the firm, and X is the firm's level of output. For the industry as a whole, Y = 34 - p; where Y is total consumer demand for the industry's product, and p is the p..
Explain why a monopolist can increase profits by practising price discrimination compared with using a single price to maximize profits? What are the different kinds of price discrimination? What are the necessary conditions required for a monopolist..
Cher's marginal rate of substitution of earrings (E) for necklaces (N) is 5 (MRSEN = 5). This information implies that:
A country's population is currently 32 million and is growing continuously at an annual rate of 3.5%. What will the population be in 20 years' time.
When the GFC crisis hit, most of the developed world went into recession. According to the strict official definition of recession, Australia did not. Examine the relative roles played by the Federal Government, the Reserve Bank of Australia and f..
When an excise tax is collected from sellers of a product with relatively inelastic demand, which of the following occurs?
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