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Explain which of the following items in each pair is more price elastic.
a. The demand for a specific brand of toothpaste and the demand for toothpaste in general b. The demand for gasoline in the short run and the demand for gasoline in the long run
12. Explain the difference between a positive and a negative network externality and give an example of each.
New York, had a serious ice storm. Electric power was out in houses for many days. The demand for power generators rise dramatically, Yet the local businessmen did not increase their prices.
If a company manufactures records and its cost equation for a week is C = 300 + 1.5x and its revenue equation is R = 2x, where x is the number of records sold in a week, how many records must be sold for the company to realize a profit?
Can you determine precisely by how much producer surplus has increased as a result of the $14.82 increase in the average fare? If you cannot be precise, can you determine whether it will be less than, or more than, a specific amount?
If a competitive firm is currently producing a level of output at which profit is not maximized, then it must be true that marginal revenue exceeds marginal cost.
How does the picture of investment described in your textbook compare to that illustrated by the authors of this group of readings 2. Is there anything that can be done to make our credit system a source of growth and stability
Briefly explain whether each of the following is primarily a microeconomic issue or a macroeconomic issue. a. The effect of higher cigarette taxes on the quantity of cigarettes sold
In calculating the incremental cost of a particular project, how would you treat the possible future costs of a lawsuit that may occur as a result of this project, where the cost of the lawsuit might range from $10,000 to $500,000 with an associat..
There're 10 auto firms in this problem each showing their market share percentage (US auto industry). The proposed merger involves Ford 22% and BMW 1%.
An increase in the price of an input leads to higher costs and therefore less profit at the original quantity produced; therefore, some firms will increase the quantity they produce in order to increase revenues.
Suppose the Reserve Bank of Australia (RBA) observes directly aggregate demand shocks or fully anticipates them. Formulate a monetary policy rule that would insulate the economy from aggregate demand shocks.
The California Instruments Corporation, a producer of electronic equipment, makes pocket calculators in a plant that is run autonomously. The plant has a capacity output of 200,000 calculators per year, and the plant's manager regards 75 percent o..
During a fast and furious brainstorm session, Jill scribbled down several key phrases she will use to study tomorrow.
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