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The secretary general of OPEC, Ali Rodriquez, stated that it would be easier for OPEC nations to make future supply adjustments to fix oil prices that are too high, than it would be to rescue prices that are too low. Evaluate this statement.
1. all-you-can-eat restaurants allow customers to eat as much as they want for a fixed price. these types of
Describe the competitive environment within the industry. Is there a dominant firm? Are the other firms follow or actively compete? How do they compete? (For example, by using price, advertising, quality or some other variable.)
17. assume a certain firm in a competitive market is producing q 1000 units of output. at q 1000 the firms marginal
If technology advances so that computers become more useful to the firm.what happens to the marginal product of the two types of workers.
Assume that labor supply is perfectly inelastic. If the demand for labor is inversely related to the real wage, what would the effect of a minimum wage be if it was an effective price flor in the labor market
Suppose that the market demand for a new drink is given by P = 30 – Q and the marginal cost to produce this new drink is $3. What is the monopoly price of this new drink? What price would this new drink sell for if it sold in a competitive market?
Identify some complements and substitutes for the product
If our example patron was a teenager, it's likely the power need that he expressed was a normal teenage reaction to a parent interfering in his life. In additional library visits by his choice, he might reveal himself as achievement motivated. If tha..
Derive the profit frontier, and explain why total profits fall as the firms redistribute profit between themselves by redistributing output.
A 10 % increase in the price of soda leads to a 20 % increase in the quantity of iced tea demanded. It appears that: When economists are sketching examples of a demand or supply curve that is close to horizontal, they refer to that demand or supply c..
During 1980's the movie Wall Street seemed to accurately capture themes of the day. Michael Douglas starred in movie as Gordon Gecko
What average annual inflation rate would a monetarist expect if the Fed maintained a growth rate of M2 = 10% per year for a three year period? (Assume that the monetarist felt that the long run average growth rate of RGDP was 3%)
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