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2 A ) Each demand curve must eventually hit the quantity axis because with limited incomes there is always a price so high that there is no demand for the good.
B) If the elasticity of demand for long-distance calls is 1.5 and the price of long- distance calls falls by 20 percent as a result of increased competition from the telecommunications bill that passed two years ago, households on average will spend less in the total on long distance service.
C) In 2003, an econometrics class at Boston University estimated that the demand for lobsters in the United States was approximately a straight line intersecting the price axis at $87 per pound and intersecting the X - axis at 110 million pounds per year. The demand curve is very elastic.
7 Illustrate the following with supply and/or demand curves:
A) a situation of excess labor supply ( unemployment) caused by a minimum wage law
B) the effect of a sharp increase in heating oil prices on the demand for insulation material
M is the monopolist selling goods G. M's cost function is c(y)=4y where y is total production of G. Some of M's potential customers are members and get the member magazine with coupons.
Show the country's production possibility curve.
A firm uses two plants (A and B) to produce the product. The plant's marginal cost functions are given by the following equations:
Suppose that firms in the short-run are earning above-normal profits. Describe what will take place to these profits in long-run for the following markets:
In 2005, APEX received a tax credit for production of its solar panels through the US Department of Energy's Energy Efficiency and Renewable Energy procurement plan.
Some states are planning that ethanol be mixed with gasoline to comply with anti pollution laws. Ethanol can be made from corn. Determine what effect are these rules having on the equilibrium price and quantity of corn?
In the early 1980's just as serious health effects were being noted regarding sugar consumption, Kellogg's changed the name of Sugar Pops to Corn Pops (the sugar content didn't change) and the name of Sugar Flakes to Frosted Flakes (still sugar co..
Why were the members of OPEC trying to agree to cut production? Why do you suppose OPEC was unable to agree on cutting production? Why did the oil market go into 'turmoil' as a result?
Now assume that there're five firms in the industry, and that they collude to set the price. What price will they set? What will be the output of each firm? What will be the profit of each firm?
Demand and supply schedules
Your manager comes in with three sets of proposals for a new production process. Each process employs three inputs: land, labor, and capital.
Case study analysis about optimum resource allocation: - Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..
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