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In 1998, Mark McGwire hit 70 home runs while playing for the St. Louis Cardinals. In 1999, McGwire hit 65 home runs. This decrease in marginal(home runs per season) product led to an associated decrease in McGwire's average(home runs per season) product. True, False, or uncertain? Explain.
A market has the following characteristics: there are many firms, few barriers to entry, each firm acts independently with differentiated products, and no possible long-run economic profit. The difference between a perfectly competitive firm and a ..
Consider the price-taking firm in competitive industry for raw chocolate. The market demand and supply functions for raw chocolate are estimated to be
If the marginal cost curve lies above the average cost curve, then the average cost curve must be sloping upward and the short-run cost function is always greater than the long-run cost function
Business proposal for your chosen good or service. Include assumptions about the elasticity of demand and the market structure for the good or service.
Is annual money income a good measure of economic status? Is a family with an $80,000 annual income able to purchase twice the quantity of goods and services as a family with $40,000 of annual income? Is the standard of living of the $80,000 family t..
If the power of special interest were reduced for example, through the adoption of supra-majority voting rule, would economic efficiency improve How would contributions to political campaigns be affected
A firm that sells e-books – books in digital form downloadable from the Internet – sells all e-books relating to do-it-yourself topics home plumbing, gardening, and so on at the same price.
If consumption increases by $12 billion when real disposable income increases by $15 billion, what is the value of the MPC What is the relationship between the MPC and the MPS If the MPC increases, what must happen to the MPS
Why is it desirable for ceiling prices to be accompanied by government rationing? And for price floors to be accompanied by programs that purchase surpluses, restrict output, or increase demand?
Assume that the two rival "Super Stores", Walmart and Target both adopt price matching rules. If people can discover lower advertised values on any items they sell, then they will match the lower prices.
Suppose that Total Revenue = 100Q and Total Cost = 30 + 50Q where Q, the quantity sold, is a random variable with expected value 20 and variance 4.
Frederic Bastiat (1801 - 1850) was a French political economist famous for exploding popular economic misconceptions
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