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Assume that apples are an inferior good. Draw a perfectly competitive market for apples and a firm selling apples in the long run equilibrium where price is $10 and the firm’s equilibrium quantity is 50. Explain the following situations graphically and in words (Draw and label side-by-side graphs for each).
a. EXPLAIN what happens in the short-run if coustomers incomes increase?
b. EXPLAIN the process by which this market returns to the long-run equilibrium
the cross price elasticity of demand of soft drinks for popcorn is -2.0; and the income elasticity of demand for soft drinks is 1.2. Use this information to answer the following question.
Management is often faced with the alternative of continuing to make a product or component internally, or going to an external source and purchasing the product or component. In gathering relevant information for these two alternatives, briefly i..
1).Why is the depreciation of capital good a cost of society? In what ways does a person's health depreciate? 2).Why might older people's health care expenditures increase in the Grossman model even though their desired health stocks may be lower?
Discuss the difference between a change in demand and a change in quantity demanded in terms of causes and in how they appear graphically.
in march 2002 american airlines implicitly increased the price for low-priced business tickets. competitors did not
Some people claim that the “economic way of thinking” does not apply to issues such as health care. Describe how economics does apply to this issue by developing a “model” of an individual’s choice?
What does this imply about efficient trade?
A light duty pickup truck has a manufacturer's suggested retail price (MSRP) of $14,000 on its window. After haggling with the salesperson for several days, the prospective buyer is offered the following deal:
how does charging the monopoly a specific tax of 10 per unit affect the monopoly optimum and the welfare of consumers, the monopoly and society?
Describe the law of demand. Why does a demand curve slope downward? What are the determinants of demand? What happens to the demand curve when each of these determinants changes?
At the consumer's optimum:
improve life style decsisions by reducing smoking, alcohol consumption, and drug use, imporve overall educational attainment so people can better follow the advice from the medical community.
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