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How are prices determined under perfect competition?
Think about a firm that you have done business with recently. What industry does this firm belong to? Is it monopolistic competition, oligopoly, monopoly, or perfect competition? Justify your classification of the firm.
Illustrate what happens to your tax bill and to your average and marginal tax rates if your income rises to $40,000.
The local government does not directly charge their residents for collecting garbage. However, the city faces increasing marginal costs of MC=1+0.7Q per ton. Residents' market benefit for garbage is MB=250-1.4Q per ton. What are the total costs to th..
What is the difference between framework convention and a protocol? What are the advantages and disadvantages to a two-stage approach to negotians? Why do most negotiations for globl environmental regimes end up taking a two-stage approach?
Retail sales taxes are used at the state and local level to finance general fund expenditures. In other words, the tax revenue collected via the sales tax is not tied directly tied to benefits received by each taxpayer. Retail sales tax fair? (9 poin..
Opportunity cost is defined:
Assume that we care about the average welfare of individuals in Indian villages, i.e., we put equal weight on each individual's utility.
Over the long run historically, real wages produce about same pace as labor productivity.
Discuss the nature and function of a price index, and describe the difference between nominal and real GDP, Assume that nominal GDP for 2012 was $700B with a price index of 110 (using 2004 as the base year). What is the real GDP for 2012? Why do econ..
Atlas Transportation is considering installing temperature logger in all its refrigerated trucks for monitoring temperatures during transit. If the systems will reduce insurance claims by $40,000 per year for 5 years how much should the company be wi..
First Printing has contracts with legal firms in San Francisco to copy their court documents. Daily demand is almost constant at 8,500 pages of documents. The lead time for paper delivery is normally distributed with a mean of 2 days and a standard d..
Not long ago an employee came into my office asking for a wage increase. I responded by asking what increase in productivity the employee brought to the University in order to merit such an increase.
determine the environmental variable most likely to affect the short-run production over the next 12 months. Determine what managers can do to prepare for the possible change in short-run production. Pick a real or fictitious business.
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