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(Elasticity and Total Revenue) Explain the relationship between the price elasticity of demand and total revenue.
(Determinants of Price Elasticity) Would the price elasticity of demand for electricity be more elastic over a shorter or a longer period of time?
(Explicit and Implicit Costs) Determine whether each of the following is an explicit cost or an implicit cost:a. Payments for labor purchased in the labor marketb. A firm's use of a warehouse that it owns and could rent to another firm
(Long-Run Average Cost Curve) Explain the shape of the long-run average cost curve. What does "minimum efficient scale" mean?
When a government wants to increase tax revenue, they will often increase the sales tax on gasoline. Using price elasticity of demand, explain why the tax would be placed on gasoline rather than, say, yachts. What might be the long run effect of raising the price of gas?
The shape of the long-run cost curve is determined by economies and diseconomies of scale. Contrast this curve with the short-run cost curve as it relates to increasing and diminishing marginal returns to labor.
In this model of society no capital and no wage labor. The commodities are valued based on hours of labor that needed for the production.Based the above the only input that used to find the cost of a commodity is labor.
Demand for refrigerators is often explained as cyclical and very sensitive to refrigerator prices & interest rates. Given these characteristics, explain the effect of each of the following in terms of;
suppose that you are an intern for a state legislature that is considering how to vote on a bill that would legalize marijuana. An economist has testified that legalization would decrease the price of marijuana by 80% in his estimation.
Explain why does the government support public education when the private sector also provides this service and describe why labor productivity is important but not the only key to improvement in living standards.
Assume we decline to sell goods to any country that decrease or halted its exports to us. Who would profit and who would lose from such retaliation?
describing market trends with disney theme parks also supply and demand analysis whereas impact of government regulations.
Past month Jones Hat Corporation sold 100 hats at $10 each. This month it increased the value of hats to $11 and sold 101 hats.
Compute the companies concentration measure. Explain how would it change if Delta merged with United States.
If twelve units of a good are sold when the price is $1 per unit, and eight units are sold at a value of $1.50 per unit,
Assume the price of product B, increases from $1 to $1.50. As a result, the quantity demanded of product "A increases from 500 to 600 a month. This indicates that the cross-price elasticity and relationship between the two products.
Assuming paper is sold in a competitive market, what is the market price? how many tons of paper will be produced per year at that price? what is the efficient annual output of paper? how can a corrective tax achieve efficiency?
Pk(price of one unit of capital)=1 tax rate=.15 Write the tax-adjusted user cost of capital as a function of the real interest rate(r). Also write the desired future capital stock and desired investment as functions of (r).
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