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A consumer only consumes coffee and juice. The price of coffee goes down and consumption of coffee decreases. Is coffee an ordinary good? The price of coffee goes up and consumption of coffee decreases. Is coffee an ordinary good? The price of coffee goes down and consumption of coffee increases. Is coffee an ordinary good? The price of coffee goes up and consumption of coffee increases. Is coffee an ordinary good? The price of coffee goes up and consumption of coffee remains constant. Is coffee an ordinary good?
Consider another policy where the government could impose a price ceiling p on the monopolist. If the government were interested in maximizing social surplus, what would be the optimal value of p when considered from the point of view of the gover..
Always Round Tire has a production function of Q = 300 L.75 K.5. In the short run, if L = 250 and K = 25, what happens to the output of tires if L jumps to 300 and then 350. What law does this illustrate?
Could a future advance in technology allow production beyond the current possibilities curve Could international trade allow a country to consume beyond its current possibilities curve Is production at a point outside the production possibilities c..
Find the equilibrium price and quantity for this market and Draw the budget constraint between "leisure hours" on the horizontal axis and "wage income" on the vertical.
How much effort do the students exert in the Nash equilibrium of the game introduced by Amalia and what value for the cake induces the students to exert the efficient effort level
A country should engage in international trade when the country can give up fewer goods for imported item than is implied by the item's domestic opportunity cost of production.
Managerial decisions are affected primarily by microeconomic forces. By and large, managerial decisions are not affected by either microeconomic or macroeconomic forces.
A substantial increase in imports of apparel from China that intensively use unskilled labor has generated some unrest in import competing industries, particularly among non-college workers. If all US apparel imports were from Taiwan only, would y..
Again, assume that prices and wages in the economy adjust quickly so that all the markets in the economy are always in equilibrium. Suppose government expenditure increases. What is the impact of this shock on P (hint. Use the equation you solved ..
Assume that in the perfectly competitive industry the equilibrium industry quantity is 10,000 units. Assume that the monopoly output is 5,000. For a 2-firm Cournot Oligopoly (N =2) known as a duopoly, what is the likely Cournot QUANTITY for the in..
A pharmaceutical company has hired you to perform an economic analysis on a currently ongoing project. Experts from the company have estimated the market for the drug and thus the potential revenues for the drug are knows, but the relevant costs a..
Explain in detail how each of these forces influences the auto industry, and propose how the auto industry should respond or react to each force. Businesses not only respond and react to external forces, but can also attempt to influence them.
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