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Assume that the gold-mining industry is perfectly competitive. Using a graph of the Representative Firm and a corresponding graph of the Market, illustrate a representative gold mine earning normal economics profits and illustrate equilibrium in the overall gold market. Indicate the equilibrium prices and quantities in both graphs. Now assume an increase in the demand for jewelry causes a surge in the demand for gold. Using your diagrams, show what happens in the short-run to the gold market and to the representative gold mine. Label your graphs so I can tell what happens in sequence. Explain. Specifically, are individual firms earning positive, negative, or zero economics profits? Indicate your answer on your graph. In word, explain what happens in the long-run. Why?
Over the past recent months it has been selling its widgets for $100 each and unit sales have averaged 5,000 units per month.
Elucidate what would be the budget request for FY13 for this effort.
Determining at least two websites or articles to help you answer the following questions about the petroleum industry. It is to be done is précis of the major points of the article or Web site, and to be referenced.
If your nominal income rose by 5.3 percent and the price level rose by 3.8 percent in some year, by what percentage would your real income (approximately) increase If your nominal income rose by 2.8 percent and your real income rose by 1.1 percent..
Illustrate what are the pros and cons of regional trade areas such as the European Union and NAFTA.
Illustrate what recommendations do you have for Speedy to offset the impact of their increasing costs. What recommendations do you have for Speedy to increase their total revenues.
Discuss some polices the United States government could take to increase United States economic growth? Name two or three and describe why these would encourage growth.
The low wages offered by employers in the state have given fewer teenagers the incentive to find summer employment. Instead of working all summer, the way we used to do, today's teenagers slack off and cause trouble. To address this problem, I pro..
In 1991, Brazil and Columbia united to form a coffee cartel and reduce coffee output. Suppose total costs for the cartel are: TC = 12 + 5Q + Q 2
1) An important reason why economies at an early stage of development tend to operate inefficiently is a) they tend to be dominated by the agricultural sector, where productivity is usually low. b) they tend to have authoritarian governments that sti..
Later Henry ford invented the assembly line for manufacturing automobiles, other automobile firms copied his invention.
Suppose You are a manager of a small US company that sells nails in a competitive market the nails are a standardized commodity,
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