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Suppose that you observe that equilibrium price falls and equilibrium quantity rises in the market for laptops. Which curve (supply or demand) has shifted and in which direction to create this outcome? Based on this scenario, come up with a unique example that would cause this shift and fully explain your logic.
Suppose Bob owns a pizza place in a competitive market. If an additional worker will cost Bob $200 and offers marginal productivity of 40 pizzas, what is the marginal cost of producing a pizza? Show your work and explain your reasoning.
What is market failure? If a market failure is present, does this imply that government intervention will lead to a more efficient allocation of resources? Why or why not?
In Canada, where land is cheap, the ratio of land to labor used in cattle raising is higher than that of land used in wheat growing. But in more crowded countries, where land is expensive and labor cheap, it is common to raise cows by using less land..
Draw supply and demand for product showing the equilibrium price and quantity. illustrate what would happen if all the transactions costs of market were reduced. generally, what is the impact of transactions costs on the operation of the marketplace?..
If inventories unexpectedly rise then production _____ sales and firms will respond by______
The main groups without health insurance are;
Calculate the price elasticity and write it only as a function of q. Calculate the marginal revenue. Draw demand and marginal revenue together on 1 graph. Show that the expected relationship between elasticity and marginal revenue holds
Assume the price elasticity of demand for heating oil is 0.7 in the long run also 0.2 in the short run.
In the 1950s, imports and exports of goods and services constituted roughly 4% to 5% of U.S. GDP. In recent years, exports have accounted for approximately 12% of GDP, while imports have more than tripled to over 15% of GDP. International trade agree..
Consumer surplus is the buyer's willingness-to-pay minus the seller's opportunity cost of production. If your willingness-to-pay for a hamburger is $3 and you paid $2, then your consumer surplus is $5.00. The opportunity cost of production for a sell..
Globalization and global trade have led to increased competition in world markets and increased efficient allocation of scarce resources. Is it accurate to say that this is contributing to increased consumer surplus and reductions in inflationary pre..
Suppose you could get an individual insurance to protect you against the unauthorized access to your laptop. The chance that someone will gain access to your machine is 0.10. In that case you will incur a loss of $200 (valuable information becomes av..
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