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A local businessman points out that, as the price of VCR has fallen, sales have increased tremendously. The businessman cites this example as proof that the law of supply does not hold. Which of the following explanations best solves the paradox cited by the businessman?
A) Demand was decreasing during the period in question.B) Demand was stable during the period in question.C) Supply was stable during the period in question.D) Supply was increasing during the period in question.
A typical university football programs requires alumni to join one of several booster club each club gets seats in different parts of the stadium before the person can buy season tickets. Ilustrtate what has this got to do with consumer surplus.
Suppose that Nike and Adidas are the only sellers of athletic footwear in the United States. They are deciding how much to charge for similar shoes. The two choices are "Low" and "High". The payoff (profit as million) 2X2 matrix.
Explain the relationship between total, average, and marginal concepts and how these measures are important to optimization examine
Suppose a new law establishes a minimum teacher salary that is 20 percent higher than the prevailing salary. How would you expect this law to affect the average quality of teachers and the taxes paid by the typical household
Elucidate the excess of cost over the marginal price at the profit maximizing price-quantity combination?
What is the role of advertising in each of the four market structures? As you answer these questions, illustrate your points with original examples.
Describe how portfolio managers use financial swaps to control their risk exposure. Explain how both parties in an agreement can benefit from a swap.
Writing a production function in terms of capital andeffective labor implies that the level of technology increases by 10%, thenumber of workers requiredto achieve the same level of output decreases by 10%.
Julie wins a $15 million lottery payable over 30 years. In years 1 through 4, she receives annual installments of $500,000. At the beginning of year 5, Julie sells her right to receive the remaining
The problem is belongs to economics, particularly to macroeconomics and it is explains the short-run, it is easier for a country to maintain a peg that undervalues a currency.
Illustrate what happens to the supply curve and the equilibrium point when a new technology improves a production process.
Explain how does classical economics elucidate its confidence in the ability of natural forces to return the economy to its potential level of real GDP?
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