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a) Explain what happens to observed prices in posted offer and double auction markets when there at least two sellers. b) Explain what happens in these two markets as the number of sellers drops to only one seller. c) explain how part b) illustrates to the first experimental principle
Explain how does price elasticity of demand for corn oil influence quantity-demanded of corn oil and Total Revenue earned by sellers of corn oil? Explain, using economic terms, why this is so.
Compute and indicate the area of profits on your graph. In light of your answer above, does it make sense that this firm is "maximizing profits".
Explain briefly why deflation leads to mortgage defaults.
Illustrate what is GreatReception's profit when producing at the profit-maximizing output. calculator will refresh to its initial values.
They use the Internet to pay babysitters. With no cash, does the nature of money change? Should the Federal Reserve change the definition of M1?
Excise tax is levied on the buyers of a good, then after the tax buyers will pay for each unit of the good.
This will mean replacing one of the weekly passenger flights with a freight flight
Quantity, whole revenue and profit when company charges different price in each market and exploits its total profit.
Use the calculator to answer the question below. With a new government tax of $20 per carton, illusrtae what is the equilibrium quantity of cigarette cartons.
You have an income of $40 to spend on two commodities. Commodity 1 costs $10 per unit, and commodity 2 costs $5 per unit, illustrate what is the budget equation.
Discuss the new equilibrium price also quantity which result from these changes. Can you exhibit some of these changes graphically.
Draw a pair of utility curves, one for X and one for Y, and label the positions immediately after the innovation (before any migration) as x for city X and y for city Y. Use arrows along the curves to indicate that migration that follows.
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