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If production of an item results in negative external costs, then the market price is below the socially referred price that reflects the external costs the market price is above the socially preferred price that reflects the external costs market forces will always correct the problem the market quantity is too low from society's point of view
Times more productive than a minimum wage worker. How many times more productive was a $160-per-hour lawyer compared to a worker earning minimum wage?
Consider a Cournot duopoly with the inverse demand p = 130 ? Q. Both firms have constant marginal and average cost MC = AC = 10. Find the Cournot-Nash equilibrium output and profit of each firm. Calculate the consumer surplus and DWL.
During the last year, the demand for books has been falling. At the same time, some industry observers expected that several smaller book manufacturers might exit the market due to the strong competition imposed by Kindle. Use a demand and supply gra..
Elucidate why the first mover will not install a capacity less than 6 or greater than 12.
Suppose that in an hour Chip can gather 8 pounds of fruit or 4 pounds of nuts. In an hour, Monk can gather 9 pounds of fruit or 3 pounds of nuts. Who should specialize in gathering nuts? Monk or Chip? both? or neither?
Compute nominal GDP, real GDP also the GDP deflator for each year, using 20010 as the base year.
Explain how absolute and comparative advantages were used in your simulation.
Which of the following would cause a shift of the supply curve for hot dogs check all that apply?
Judged in terms of the mechanisms used to allocate resources, the former USSR was
q1. assume that a leader country has real gdp per capita of 40000 whereas a follower country has a real gdp per capita
A company is trying to predict the long-run market share of a new men's deodorant. Based on initial marketing studies, they believe that 35% of new purchasers in the market will ultimately try this brand. Calculate the long-run market share that the ..
Assume that a very competitive start-up enters the market in direct competition with the oligopoly you described in the e-Activity.
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