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Producer and consumer surpluses are measures of:
firm conduct.
industry performance.
market structure.
None of the answers are correct.
When the Macintosh computer was introduced in 1982, Apply made it difficult for third party software developers to develop software for the platform. In contrast, Apple made it relatively easy for third party developers to make applications that ran ..
What is the difference between real and nominal GDP? Does GDP accurately reflect the nation’s welfare? Why or why not? How can a country’s GDP be manipulated? In your opinion, is the U.S. GDP being manipulated? Explain your answer.
Illustrate what is the effect on equilibrium price and quantity in the market for oranges if a new orange picking machine is developed.
Explain basic idea behind Big Push model. How can O-ring theory help explain existence of a low-level equilibrium that an economy may find itself.
A monopoly is considering selling several units of a homogeneous product as a single package. A typical consumer’s demand for the product is Qd = 110 - 0.5P, and the marginal cost of production is $140. Determine the optimal number of units to put in..
Country X has an $8000 billion GDP and a population of 200 million. Country Y has a $6000 billion GDP and a population of 150 million. Which of the following is true? If the GDP deflator is now 125, we may conclude that since the base year prices hav..
Which of the following pricing strategies is NOT used in markets with special cost and demand structures?
Gail works in a flower shop, where she produces 10 floral arrangements per hour. She is paid $10 per hour for the first eight hours she works and $15 an hour for each additional hour she works. What is the firm’s cost function? What are its AC, AVC, ..
this year his company has been given the opportunity to take on two projects that will increase taxable income by $175,000. Determine the effective (average) tax rate on all of last year%u2019s taxable income.
What is the relationship between a perfectly competitive firm's MRP curve for an input and that firm's demand curve for that input?
A persone has a choice between an apple or an orange. the persone chooses the apple. Elucidate what is the opportunity cost of choosing the apple.
Assume that private schools want to maximize profits and that the market for private schools is perfectly competitive.
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