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Choose a market for a good in your area that seems to be a perfectly competitive market. Write four or five substantive paragraphs that describes the market and answers the following questions:
Identify the buyers and sellers as well as the goods or services.How closely do real world conditions match the characteristics listed in the model?Are the sellers price takers?Do they compete using price?Is the good in question standardized?Is this market regulated by government in any wayExplain the competitive environment
Suppose the consumtion function is ( C = $500 billion + 0.9Y) and the government wants to stimulate the economy. By how much will the aggregate demand at current prices shift intially (before multiplier effects) with (a) A 50 billion dollar increa..
In a country with a market economy, the owners of firms (businesses) are, to use Gwartney, et. al.'s term, residual claimants. What are the implications of this particular characteristic of business owners? How do other citizens within the country..
Green sister has a dso of twenty days. The firm average daily sales are $20,000. What is the level of its accounts receivable? Suppose there are 365 days in a year.
America's young people are heavy Internet users; 87% of Americans ages 12 to 17 are Internet users (The Cincinnati Enquirer, February 7, 2006). MySpace was voted the most popular Web site by 9% in a sample survey of Internet users in this age grou..
The absolute value of coefficient of the price elasticity of demand.
Economic theory and history explains that less developed countries that open their economies to international trade and capital flows will grow faster and reduce poverty.
You are the manager of a firm that competes against four other firms by bidding for government contracts. While you believe your products is better than the competition, the government purchasing agent views the products as identical
A local market for three bedroom rental units is depicted by the following demand and supply equations;
Think of a business company you recently visited. What motivated producers of all individual iteams in the store to make them and offer them for sale?
Supply-side economics, during President Reagan’s administration, involved the supply component of the supply-demand equation. stressing the importance of tax cuts for businesses.or else.
Illustrate what special problems are faced by eastern european economies as they make the transition from central planning to competitive markets.
Illustrate what shape do you think the marginal benefit curve is for carbon dioxide abatement.
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