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In Rolling Stone magazine, several fans and rock stars, including Pearl Jam, were bemoaning the high price of concert tickets. One superstar argued, "It just isnt worth $75 to see me play. No one should have to pay that much to go to a concert." Assume this star sold out arenas around the country at an average ticket price of $75.
Suppose that due to this star's protests, ticket prices were lowered to $50. In what sense is this price too low?
Explain the rationale for government regulation of companies with market power. Is regulation in the customers interest or in producer's interest and how might this control special interest groups?
Efficiency can mean many things to many people. Even in economics, there are different types of efficiency. Here we are discussing productive efficiency. An economy is productively efficient whenever it is producing the maximum output with given t..
As Malcolm Gladwell points out in his article "High Prices," increases in drug spending are more the result of increases in drug utilization then in increases in drug prices. Why is this relevant to the debate over whether something should be done..
What is the solution to the firm's long-run cost-minimization problem given that the firm wants to produce Q units of output and long-run competitive equilibrium, how much output will each firm produce
Calculate the elasticity of demand for good X with respect to advertising on good X. Interpret your answer. Can you tell whether the firm is spending too much or too little on advertising?
What is the elasticity of demand with respect to income? Comment on and interpret your answer (i.e., the sign and magnitude of the elasticity).
Explain why inflation is a main concern for an economy, and examine how well inflation in Australia has been managed by the monetary authority.
Determine the maximum number of lbs. of butter the economy can produce and
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?
4.The opportunity cost of producing one more hot dog is $1.00. The price of a hot dog is $1.50. The producer surplus from selling one more hot dog is,The demand curve for hamburgers is the same as the,Markets may not achieve an efficient allocation..
The nation of Aquilonia has decided to end its policy of not trading with the rest of the world. When it ends its trade restrictions, it discovers that it is importing rice, exporting steel, and neither importing nor exporting TVs. We can conclude..
whether or not the measure satisfies each of the five axioms we discussed (Anonymity, Scale Independence, Population Independence, Transfer Principle and Monotonicity). [ Note: a good way to do this might be to come up with small example populatio..
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