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Consider the market for pizza. Indicate whether each of the following events is more likely to impact producer behavior (supply) or consumer behavior (demand). Will supply/demand increase or decrease? a. The price of pepperoni increases. b. Minimum wage increases. c. Income decreases and pizza is an inferior good. d. A nearby Chines restaurant offers a 2 for 1 deal on its dinners. e. The price of beer falls and beer is a complementary good.
Consider a free market with demand equal to Q = 60-4P and supply equal to Q=2P. What is the value of consumer surplus? What is the value of producer surplus?
The Profit Maximizing condition for firms facing perfect competition is 1) Marginal Revenue = Marginal Cost and 2) Marginal Cost must cut through Marginal Revenue from below. Market structure is measured in the ability to set the price of the output...
A paper company dumps non degradable waste into a river that flows by the firm's plant. The firm estimates its production function to be.The state environmental protection agency plans to impose a $7.50 effluent fee for each gallon that is dumped.how..
How to show effects on consumer/producer surplus by opening up to trade?
The can industry is composed of two firms. Suppose that the demand curve for cans is P=100-Q where P is the price (in cents) of a can and Q is the quantity demanded (in millions per month) of cans. What are the price and output if managers set price ..
If a firm can sell its product for more than its fixed costs, but not for more than its totals costs:
What would you expect to happen to the domestic money supply as R and y both increase along a stable BB curve? Explain in intuitive terms what forces would tend to bring about such a change in the money supply.
All Open University Malaysia (OUM) Students are identical and they are all indifferent between attending the OUM and their next best alternative. Students eat are the student union.
Within the next year? Over the long term. Elucidate what resources does he have at his disposal to enhance the reputation of the firm and turn it round.
Anticipate what business law may look like 20 years from now and give your opinion on what you believe students will need to know in order to be successful in the field. Provide a rationale for your response.
Your firm’s research department has estimated the income elasticity of demand for Art Deco lawn furniture to be -0.85. You have just learned that due to an upturn in the economy, consumer incomes are expected to rise by 5 percent next year. How will ..
A 1000 gallon metal tank cost $150,000 when it was fabricated 15 years ago. What would a 5000 gallon tank cost today if the power sizing eponent is .6 and the construction cost index for such equipment has increased from 200 to 500 over the last 15 y..
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