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Q1. In the case of the diamond, duplicative mineshafts were a waste if economic resources and the law makes them unprofitable. Instead of a diamond, what if a number of independent inventors are racing to be the first to obtain a valuable patent and the monopoly it grants. Does the patent system encourage duplicative efforts solely for the chance to be first? Why might you want the patent system to do this?
Q2. What is the meaning of economists when they say that "there is no free lunch"? Illustrate an example to which this statement applies.
In an article about the financial issues of USA Today, a major magazine reported that the newspaper was losing about $20 million a year. A financial analyst said that the paper should raise its price from 50 cents to 75 cents,
how many pineapples will she consume? If her income increases to $120, how many grapefruits will she consume? Are grapefruits a normal or inferior good?
Suppose firms compete in quantities. How much does each firm sell in Cournot equilibrium.
What was the absolute amount of increase in real income? - Make your calculations of the percentage change in real income and the absolute change in real income using the approximation formula and using the more precise method with index numbers.
If countries can benefit by increasing their consumption possibilities through trade, why do so many countries place restrictions on trade?
Identify which economic also political policies affect your firm also Explicate Explain how they impact business decisions.
Suppose sellers of liquor are required to send $1.00 to the government for every bottle of liquor they sell. Further, suppose this tax causes the price paid by buyers of liquor to rise by $0.60 per bottle. Elucidate which of the following statemen..
Explain how would you conclusion vary for winter months, if bad weather formulate it likely for traffic jams on the highway to increase to 6 days per month.
Briefly describe a product or service you use every day and suggest a better approach to advertising that product/service than is currently being used. Explain your rationale.
a if you deposit 10000 in a bank account that pays 10 interest annually how much will be in your account after 5
Explain effects of monetary policies on economy's production and employment. Cite your references appropriately. If you used an electronic source, include URL. If you used a printed source please attach a copy of data to your paper.
Assuming that no currency leakage occurs, how much will the bank be able to lend to its customers following the Fed's purchase?
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