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Explain the income effect and how this might influence ticket sales for NFL?Do you think Wrigley's will raise or lower their total Revenue by raising prices?
Do you agree that the only way to raise equilibrium quantity is to raise supply and demand together? Why agree or why not agree?
1. why does rent control result in a shortage of rental units.2. how does price elasticity of demand affect how much of
Using concepts we have discussed in class, discuss the effect of having a minimum wage. The minimum wage raises workers’ wage above the equilibrium wage.
Which of the following is not one of the explicit functions of the Federal Reserve granted by Congress.
Now suppose that x 2 is also free to vary. Derive the demands for the inputs and the long-run cost function of the firm - Draw the two cost functions on the graph. Do they cross? Which one lies higher?
Define asymmetric information. Distinquish between hidden characteristics and hidden actions. Which type of asymmetric information contributes to the principal agent problem?
Should the Government increase, decrease or remain the same in its level of intervention when it comes to mandating that companies provide product information to consumers What happened to "caveat emptor" (buyer beware)
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.
Currently, it is difficult to sue the federal goverment unless it agrees to be sued. If the law were changed so that lawsuits (such as by victims of the collapse of the I-35W bridge) were easier, how would this change the incentives.
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
1. calculate the present value of each of the following future paymentsa. a 10000 lump sum received 1 year from now if
1. comparing the different models of pure perfect competition and oligopoly what will be the effects or difference
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