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The demand curve for gasoline is P = 300 – 10*Q.
Find the elasticity of demand for a quantity of 12. Does this number imply that quantity demanded is sensitive to price changes or insensitive?
Suppose the current market clearing quantity sold is 12. The government is considering implementing an increase in the gas tax on each unit of gasoline to raise additional revenue. Assume that any change in the tax is passed on entirely to consumers in higher gas prices. Is an increase in the gas tax justified on the basis of raising revenues?
Demand and supply situations in perfectly competitive market for unskilled labor are as follows, Estimate the industry equilibrium price or output combination both graphically and algebraically.
An individual competitive firm’s short-run supply curve is the portion of its marginal cost curve that equals or rises above the average variable cost. Describe why
Assume a competitive market in which a chemical plant emits harmful pollutants into the air. If the firm only considers the marginal cost of production will it produce more than the efficient level of output?
Who has a comparitive advantage in jigsaw puzzles? If Tom and Tessa specialize in producing the good in which they enjoy a comparative advantage, what are the quantities of jigsaw puzzles and kites produced?
Explain the process or mechanism underlying how a market-based economic system allocates scares resources. Identify how this process might differ from a centrally planned or command economy.
1. the difference between a perfectly competitive firm and a monopolistically competitive firm is that a
w suppose that the interest rate falls to 50%, and the household decides not to borrow or lend at alll. Is the household better off or worse off with the higher interest rate?
Diagram the total product, marginal product and average product functions showing the division points between stages I, II and III of the production process. How do these stages of production relate to isoquants.
relate how advertising impacts the price of a product. select one good and one service product for each of these
In the money market, money supply is determined by the central bank, such as the Fed in the U.S. Because of this, money supply curve is usually vertical in the short run, while the money demand curve is downward sloping. The quantity demanded of m..
What is the per worker production function?
Presume that the cost of capturing a cockatoo and transporting him to the United States is about $40 per bird. Cockatoos are smuggled and drugged in suitcases to the United States. Half of the smuggled cockatoos die in transit.
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