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Be sure to explain what you are doing and show your work in the numerical problems, and provide a brief but complete answer to the discussion questions. Each part of a problem is weighted equally. Be sure to express the appropriate units for your answers. You should draw graphs for each problem to help guide your analysis.
Is the long-run demand for a factor more, or less, elastic than its short-run demand? Explain why, and illustrate graphically.
suppose a consumer has 600 to spend on two goods good x and good y. the price of good x is given by px 20. the price
The local utility company applies a "declining block" rate structure for its industrial consumers, that lower unit price is charged for higher quantity blocks of electricity and water usage. Is the company practicing any type of price discriminati..
Explain the relationship between Cola Magic and Lemon Heaven Soda and explain what affect a 10% increase in the income of the targetmarket would be on the demand for the Cola Magic?
100 identical customers, each with relevant demand function Q = 20- P (where Q is the hours per week and P is the per-hour fee). Assuming you priced membership consistent with consumer surplus, if fixed costs = $1,000 and variable costs = $0, how muc..
A Company operates plants in both the US (where capital is relatively cheap and labor is relatively expensive) & Mexico (where labor is relatively cheap and capital is relatively expensive). Under what circumstances will the input choice be relativ..
research information on companies that have engaged in monopoly behavior, such as Microsoft, Google, or Wal-Mart, and explain how society has been affected by the monopoly behavior using that information.
How is the market price of a good determined? When the market for a product is in equilibrium, how will consumers value an additional unit compared to the opportunity cost of producing that unit? Why is this important?
Suppose if pollution is bad, why is there any tolerance and programs for pollution rights, tax incentives, and subsidies?
public policies often alter the costs and benefits of private actions. why is it important for policymakers to consider
The marginal revenue curve of a monopoly crosses its marginal cost curve at $30 per unit, and an output of 2 million units. The price that consumers are willing and able to pay for this output is $40 per unit.
This is a self-reflection paper developed based on the classroom discussion around minimum wage. Explain the effect minimum wage has on the economy. List and describe both the pros and cons of the more recent increases in the federal minimum wage...
When it is observed that as the price of Mercedes-Benz cars rises, the quantity demanded also rises, what might one likely explanation be? What accounts for specialization?
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