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Q1. Tom and Jack are the only two local gas stations. Although they have different constant marginal costs, they both survive continued competition." Tom and Jack do not constitute.
Q2. What are price indexes designed to measure? Outline how they are construed. When GDP and other and other income figures are compared across time periods.
Q3. Habitat for an endangered sea bird called a plover that inhabits only this stretch of beach. From a CV study you know that US citizens are WTP $1,500,000/yr to preserve the plover. Based on your analysis, and your understanding of the usefulness and limitations of these benefit analyses, do you conclude that protecting the plover is efficient?
One day you realize you're tired of smelling like refried beans all the time and begin thinking about starting your own business. After doing some investigation you decide to spend 15 hours per week running a photocopy service in your dorm.
Examine the key factors affecting the demand for and the supply of a good or service
The cost curves of the firm. In terms of economies of scale, why would a firm sometimes want to expand output and sometimes not want to expand output.
If the market price of the product is 270, how much output should the firm produce in order to maximize profit. How much profit will this firm make.
A competitive firm that is profit maximizing pays a wage. The firm has started marketing its new product.
Open a pizza restaurant and is considering either selling the bonds and using the 100,000 to start his restaurant or borrowing the 100,000 from a bank which would charge him an annual interest rate of 7 percent.
As a business owner making a final decision regarding the international aspects of a business decision, you may decide to set up a table with the risks and weigh their relative importance against the rate of return you foresee
Explain a way that your family interactsin factor market and a way that it interactsin products market. Discuss how circular flow relates to current economic situations.
Suppose, on the other hand, that the second country retaliates with an export subsidy of its own.
Find the equilibrium values of the real interest rate, consumption, investment, and the price level.
Describe a skimming price and a penetration price, and advise them whether they should charge a skimming price or a penetration price, with supportive reasoning for and against each pricing alternative.
Draw the production possibility curve and a. Define consumer surplus and producer surplus.
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