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Q. Problem #1: Use 2 goods to construct a production possibilities curve. Explain what a variety of different points on the curve mean. What would make the contract curve or expand? Why is efficiency lost at the boundaries, as while substantially more of 1 good and very little of another is produced?
Problem #2 Part A: Go to the internet auction site eBay® at www.ebay.com and select the category Jewelry as well as Watches which is followed by Loose Diamonds and Gemstones, and then Diamonds, Natural. Explain how many natural diamonds are for sale at the moment? Note the wide array of sizes also the diamond's prices. In which sense is there struggle among the sellers in this market? Explain how does that competition influence prices? In what sense is there competition among buyers? Explain how does that competition influence prices?
Problem #2 Part B: Describe what would happen if an outside agency determined the prices eBay could charge.
Problem #3: Read the "LAST word" feature on markets for human organs on Page 66 of your text. Next, select a social problem where free markets are not allowed to function and explain how free market features could be introduced to help improve the difficulty. As part of your answer also include a discussion of the risks of introducing market mechanisms in situations where ethical issues are present. Your answer should be approximately two pages long and in APA format
And within a few months, they reduced the amount of scrap to $7,000 worth [per year]." Was this necessarily an economically efficient move? Explain your answer.
Pepsi-Cola® and Coca-Cola® have dominated the market for almost a century whereas General Motors™ and Ford Motor Company© have suffered due to increased competition.
The Blue Dragon Restaurant is a new Chinese Restaurant in town. As the only Chinese restaurant in the area, it faces the following daily demand curve:
q.assume that when an economy has a gdp of 500 consumption is 550. the mpc is .75. investment is 25. begin the problem
wages decrease by 15%. by what % do the new wages increase or decrease. 3. divide 3420 into two parts such that one part is 28% more.
Describe the industry and explain the general pattern of change of the particular market model.
Elucidate the nature of competition in a marketplace which is characterized by a high barrier to entry and a significant product homogeneity.
Comprehension and understanding - Critical thinking and analysis and understanding of the Law of Torts
Suppose the government intends the tax to reduce the consumption of some goods for example, cigarette or chewing gum. Illustrate what will determine the effectiveness of the tax in reducing consumption
Illustrate what will be the effect of the different tools of fiscal approach to stabilize the economy
Rain spoils the strawberry crop, the price raises from $4 to $6 a box, and the quantity demanded decreases from 1,000 to 600 boxes a week
The dropout rate of minority also international students at U.S. colleges also universities are higher than it is for white American students.
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