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Suppose Ralph and Ed have the only store that sells toilet bowls in northern Maine. Their nearest competitor is 211 miles away, and these two men have a reputation for producing high-quality toilet bowls. Graphically illustrate what the market for toilet bowls will look like for Ralph and Ed. Shade in the area of profit for Ralph and Ed and label the profit maximizing price (Pe) and quantity (Qe).
Then, suppose a new federal law is passed that forces all toilet bowl manufacturers to install devices that reduce the amount of water used per flush. Using a second graph, illustrate and explain what impact this new law will have on Ralph and Ed. Shade in the new area of profit for Ralph and Ed and label the profit maximizing price (P1) and quantity (Q1). Make sure to show the old profit maximizing price (Pe) and quantity (Qe) as well.
Explain how the market changed as a result of the new regulation.
Illustrate why would you be reluctant to advise that your country increases its money supply.
How do barriers to entry impact the level of competition in a market? What might happen to the market price as greater barriers to entry come into existence?
Why did China not improve its non-agricultural technology in the period 1680-1800? Agricultural technology was already at high level, and it continued to improve during this period
Suppose that natural real output in the country of Eudemonia grows at a steady rate of 3 percent per year. In the past, velocity has been approximately constant, and the Eudemonian Central Bank (ECB) has maintained a target reate of growth of 4 pe..
Analyze the difference between the efficiency of a tax system and the equity of a tax system as it refers to the costs imposed on taxpayers using the benefits principles.
Over the last 30 years in the United States, the real price of a college education (i.e., after adjusting for inflation) has increased by almost 70 percent. Over the same period, an increasing number of high school graduates
Find the angular velocity of the CD in radians per minute, and the linear speed of a point on the edge of the CD in miles per hour, rounded to the nearest tenth of a mile.
Elucidate the relationship among the ratio of marginal utility and the price of each good consumed in consumer equilibrium.
How are changes in lifestyles and attitudes affecting leisure and tourism? Is home-based recreation an opportunity or a threat?
Walmart has any special foreign exchange problems resulting from its strategic stance payment in USD, and what alternative policies the company could adopt in the event of such problems.
Supposed a firm faces an inverse demand function of p(y)=20-y and a total cost function of c(y) = a + y^2
Explain why the marginal revenue curve for a monopolist lies below its demand curve, rather than coinciding with the demand curve , as is the case for a perfectly competitive firm. Is it ever possible for monopolist's marginal revenue curve to coi..
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