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1. Explain the factors of production and give an example for each one.
2. What is the difference between a normal good and an inferior good? How does this relate to the demand curve?
3. What is the consequence of a positive externality in a market? What is the consequence of a negative externality? Why do those consequences occur?
4. Briefly explain the three tax systems - proportional, progressive and regressive. As you explain each one, also compare the relationship between marginal tax rate and average tax rate as income rises for each one.
Explain how China's price controls have changed consumer surplus, producer surplus, total surplus, and the deadweight loss in the markets for coal, petrol, and diesel.
Draw an iso-cost line for this firm, showing combinations of L and K that cost $6 and another iso-cost line showing combinations that cost $12. What are the slopes of these iso-cost lines?
Choose an existing good or service from Will Bury's Price Elasticity, Incremental expenses, or Thomas Money Service Corporation scenarios, or choose an existing business with which you are familiar.
The Microsoft antitrust trial (United States vs. Microsoft) has been one of the biggest investigations of antitrust behavior since the turn of the century. You are supporting the Government, research and present a cohesive argument to the other si..
Suppose you are analyzing market for minivans. What will be the impact on the equilibrium price and quantity of each of the following events on the minivan market?
After Henry ford invented the assembly line for producing automobiles, other automobile companies copied his invention. The new technology rise the economies of scale in automobile producing.
Consider a sharecropper whose contract calls for him to receive ¾ of the output produced in the farm on which he works. Suppose that the value of the marginal product of labor on the shared cropped land is given by 80-L. Where L stands for hours o..
State the commodity in which each country has absolute advantage amd identify the commodity of comparative advantage for each country
Describe how the market for Alaskan king crab will be affected if, at the same time that medical reports confirm that suspected health benefits from consumption of Alaskan king crab meat, wages are increased for trawler men
Will Truman and Associates, LLC is a successful Manhattan based law company. Worker productivity at company is examined in billable hours, which vary in partners and associates.
Make a research on the elasticity of beef and eggs in regards to price changes and explain how do supply, demand, and price controls interact to affect equilibrium price of eggs?
Describe how the Law of Diminishing Marginal Product results in u-shaped average cost curves, both Average Total Cost and Average Variable Costs
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