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Briefly explain the use of graphs as a way to represent economic relationships. What is an inverse relationship? How does it graph? What is a direct relationship? How does it graph? Graph and explain the relationships (other things equal) you would expect to find between
(a) the number of inches of rainfall per month and the sale of umbrellas
(b) the price of bottled water and the number of bottles sold per year, and
(c) the popularity of an entertainer and the price of her concert tickets. In each case cite and explain how variables other than those specifically mentioned might upset the expected relationship. Is your grapgh in part B above consistent with the fact that historically the quantity and price of bottled water have both increased?
If you decide to use $34,000 as your working estimate of marginal costs, what increase in Custom's purchases would be necessary for the proposal not to reduce GM's profits on this account?
How would income distribution and resource use change if a flat rate tax on comprehensive income were substituted for current progressive income tax in United States?
A restaurant industry has a market structure that comes closest to
A government employer can demand urine samples from its employees, for testing purposes a. unless the demands are calculated to allow a determination of job fitness. b. only pursuant to a validly issued search warrant. c. at any time, for any r..
An economist for the widget company estimated following short term production function. Compute the AP and MP mathematically and identify the three stages.
Which of the following is NOT a condition for price discrimination? Different groups of consumers should be charged differing prices for the same product. The firm's demand curve should be downward sloping.
If some auction participants for crude oil field leases have estimates that the oil in the ground is worth $1.2 million, $1.3 million, or $1.5 million with certainty; and other auction participants have estimates that the same oil f..
Explain the impacts of an expansionary fiscal policy such as a tax cut on the levels GDP, Consumption, Investment, interest rate and unemployment and price.
If Microeconomics is considered to be study of scarce resources. In which customers must make allocation decisions. These 3-basic trade offs include which products or services are to be manufactured
How does an increase in the price of widgets affect the: And describe the effects in detail?
If the federal government enacts a tax on a monopoly, how would expect the additional tax to affect the following Output produced by the monopoly or else.
Give a specific example for each ( US Companies ). Which one is better market from the stand point of producers? Which one is better market on the stand point of consumers?
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