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Consider the following: “In 1973 several major oil producing countries formed a cartel. The cartel effectively decreased the supply of crude oil. Gasoline prices rose sharply as did the total expenditures on gasoline.” Use a supply/demand diagram of the gasoline market and your knowledge of the price elasticity of demand to illustrate and explain this quotation.
Write down a utility function that represents Britney's preferences over dresses also hats.
For commodity X, average cost is equal to marginal cost at every level of output. Assuming that the market for X is competitive and the demand curve is linear analyze the effects when a unit tax of u dollars is imposed. Now analyze the effects of the..
Profit max level of output. Quantity firm will minimize average total cost. Illustrate at what price will y shut down.
Suppose you were given a choice to select from a menu of items in your employee benefits package. The menu might include medical coverage ($1500 deductable), life insurance equal to a year's salary, vacation time based on length of employment with th..
Explain why each of the factors may influence the own price elasticity of demand for a commodity - The narrowness of definition of the commodity.
Prepare a table that shows total variable cost, average total cost, and marginal cost at each level of output.
Identify an organization with which you are familiar. What are some factors in this organization that might affect the strategies they take in developing their socially responsible efforts? What are some of these efforts?
Suppose that Taher's pizza business operates under competitive conditions and that his short-run production function is q=20^E. How much labor does he employ if the price of each pizza is p = $12 and the hourly wage is w0 = $6? [Hint: In this case, i..
Gatekeeper models of MCOs require patients to see a primary care doctor before going to see a specialist. What two key economic principles would be involved in a successful gatekeeper program?
Which one is more effective comparing with the tools of fiscal policy?
When comparing different alternatives?
Could you please explain why long run supply curve can be downward sloping and implication for behaviours of price as demand increases over long run.
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