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Consumer Sovereignty & Dollar Votes guide the market system in dealing with which fundamental question?
a) What will be produced?
b) How is the output to be produced?
c) How can the system accomodate change?
d) Why is to recieve the output?
.if individuals are free to produce whatever goods they want, then when excess profit is being made, more people will enter into the production of that good and consumers will benefit as the price is pushed down.
Derive the equation of the consumer's demand curve for x and with y on the vertical axis and x on the horizontal axis, draw a price-consumptioncurve when the price of x changes.
Assume The Big Enchilada Restaraunt has been offered a 1 year binding lease agreement for $5200/mth on an attractive site. Before the lease is signed, what is the incremental cost per month?
Currently the foreign earnings of U.S. multinational companies are taxed only when the income is returned to the United States. Taxes are deferred if the income is reinvested abroad. The department seeks a tax rate that will maximize total tax reve..
Let u(x,y) = x1/3y2/3 and let I = 100, Px = Py = 1. Write the FOC for the consumer's UMP and compute the consumer's demand function. Let U(x,y)=5x+4y and let I denote income and Px,Py the prices of the goods. Compute the demand functions for good..
Explain the concept of a concentration ratio and is the concentration ratio in a monopolistically competitive industry likely to be higher than for a perfectly competitive industry? Explain your answer
Alan Greenspan,chairman of the fed ,was the leading proponent of the view that it is too difficult , and potentialy too harmfull,topop a bubble by raising interest rates..if bubble emerged, better to quickly lower interest rates to cushion the blo..
In the 1960's, the San Francisco City Government physically moved several houses from the Hayes Valley/Fillmore district to clear way for other development. What government power was the SF City Government invoking, and please discuss the concept..
Given a 15% raise in a good's price and a 25% decrease in quantity demanded for good by consumer, which of the following types of elasticity best describes the demand curve for the consumer?
Suppose the demand curve for a monopolist is QD = 250. - .25P,and the marginal revenue function is MR = 1000 - 8Q.The monopolist has a constant marginal and average total cost of $45 per unit. Find the monopolist's profit-maximizing price.
Huntington advice that the emerging global economy will rising be faced with violent clashes between civilizations. Describe what Huntington means by the term civilization and explain why such clashes may be expected.
A major breakthrough that allows for on-site generation of electricity for an investment in the generating capacity but after that essentially a zero variable cost of electricity.
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