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In Costa Rica, only a few beaches remain that are nesting grounds for sea turtles. Some of those beaches have communities situated near them; traditionally, the local people collected the turtle eggs and sold them for their purported aphrodisiac powers. As a result, sea turtle populations became endangered. To protect the sea turtle populations, the Costa Rican government gave each family in these villages ownership of a portion of the beach to do with as they please, including the harvesting and selling of sea turtle eggs. Sea turtle populations have started to increase. What is the economic rationale for this result?
If a taxi company adds a tenth cab, the company's total daily cost will increase to $4,800 and its total revenue will increase by $100 per day. Should the company add the tenth cab?
Brand names can be important to the success of a firm in some industries. Consider industries that demonstrate monopoly, monopolistic competition, oligopoly, and perfect competition.
Dunkin Donuts raises the price of its French Vanilla coffee by 15%. The demand for Dunkin Donuts glazed doughnuts will change by what percentage and in what direction?
How many additional watches can be produced by an extra hr of labor? As a profit maximizer what price and output should the firm set? Is production capacity fully utilized? What contribution does this product line provide?
Which of the following statements conforms to utility theory? In which market structure model may firms earn economic profits in the long run?
Sixteen states sue the major tobacco companies for billions of dollars because of tobacco-related costs in their Medicaid programs. Medical evidence that more than two cups of coffee a day (Considered by many to be a substitute for smoking) greatl..
The value of good A goes up. As a result the demand for good B shifts to the left. From this we can infer that, Suppose that the current market value is below the market clearing level.
Describe why government regulation is required, citing the major reasons for government involvement in a market economy.
The demand for energy in the United States is often stated as persistently non-cyclical and not sensitive to both prices effects. Given such characteristics, explain the effect of each of the following on the demand or supply for gasoline.
Use the Phillips Curve to describe the tradeoffs between inflation and the unemployment rate, both in the short-run and in the long-run.
1. Why do you suppose that firms in Artic nations are already developing specialized tanker ships and platforms for use in privately accessible Artic areas 2. What are possible opportunity cost of opening Artic lands to private extracti..
Managerial decisions are affected primarily by microeconomic forces. By and large, managerial decisions are not affected by either microeconomic or macroeconomic forces.
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