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How Do Economists Define Supply? Carefully explain why a typical demand curve slopes downwards. Distinguish between normal and inferior goods.
The state Medicaid agency has set a rate of $5.50 per visit for all Medicaid enrollees who visit a physician. Each physician also has private paying patients. The demand curve for each physician can be characterized as follows, and physicians can ..
The elimination of patents on breakthrough drugs, so the drugs can be sold at a low cost as soon as they be- come available.
Explain the concept of social deviance and provide examples of deviant behavior in social context
A spike in the unemployment rate - the biggest in more than two decades - raised new concerns Friday that a weak labor outlook, high oil prices and continuing woes in the housing and credit markets are leading the U.S. economy into a painful reces..
Suppose that in a duopoly firms have constant marginal cost MC = 10 per unit. Firm 1 faces demand function q1 = 100 - 2p1 + p2, while firm 2 faces demand function q2 = 100 - 2p2 + p1. What is the Nash equilibrium of this game. What is the Nash equ..
The production function is given by W=F(L)=8*L^.5 and the marginal productivity MPL=4/L^.5. If widgets sell for $10, the price of labor is $8/hour, and there is a fixed cost of $25. What is the cost function C(W) for this production technology.
Suppose that firm A merges with firm F. What now will be the concentration ratio in the industry Suppose that after they merge, firms A and F go out of business. What now will be the concentration ratio in this industry
Suppose per unit tax, T is imposed on buyers. Then what is the equilibrium quantity and equilibrium price? Now, assume T=30, then what will be equilibrium price and quantity. (Hint: use P is the price producer receives, and P+T is price paid by th..
Prudential Realty has an escrow account for one of its property management clients that currently contains $20,000. How long will it take to deplete the account if the clients withdraws $5000 now, $4500 one year from now,and amounts decreasing by ..
How does your state's performance compare to the U.S economy's performance over the last year? What explanations have been offered in the press? How accurate are they?
A local car dealer is advertising a 24 month lease of a sport utility vehicle for 520 payable at the beginning of each month. the lease requires a 2500 down payment plus a 500 refundable security deposit that is refunded at the end of the 24 month..
Please simplify the definition of random walk for me.
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