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Draw a production possibility curve comparing the six hours that you have available every evening for studying or social pursuits. (Assuming there are constant costs, one hour studying = 1 hour social time). Also, explain how this is a visual representation of the concept of opportunity cost.
Assume that macroeconomic forecasters predict that the economy will be expanding in near future. How might managers employ this information
In the hope of big returns, venture capitalists give funds to finance new firms. However, potential competitors and structures of market into which the new company enters are extremely important in realization of profits.
According to Emerson: "Want is a growing giant whom the coat of Have was never large enough to cover." According to economists, "Want" exceeds "Have" because: The regulatory mechanism of the market system is:
Two months later, Mrs. Dodge split the workforce into two specialty groups, appointing Betty as the supervisor of one section and taking the other for herself. Betty's group consisted of three people: the two newest, whom she had trained, and one ..
Which of the following have traditionally been considered natural monopolies? Public universities, Public golf courses, public parks,public utilities
statement of the problemthe purpose of this report is to show the potential of lowering energy consumption when
The case study presented in the chapter discussed cigarette taxes as a way to reduce smoking. Now think about the markets for other tobacco products such as cigars and chewing tobacco.
Assume that the demand curve is given by the following: p=100 and the supply curve is given by Q=p-25. If the government puts in place a tax of 10 that must be paid by the buyer the deadweight loss that results is equal to:
A customer quit her job and now runs her own business. Her business an accounting profit of $33,700 and an opportunity cost of $36,700. There is an economic loss of -$3,000. Factoring ceteris paribus what economic advice would you give her
Cypress River Landscape Supply is a larege wholesale supplier of landscaping materials in Gerogia. Cypress River's sales vary seasonally; sales tend to be higher in the spring months than in other months.
consider the market where there is product differentiation with two firms. the firms are choosing prices p1 and p2 and
A perfectly competitive industry is initially in a short-run equilibrium in which all firms are earning zero economic profits but are operating below their minimum efficient scale. Explain the long-run adjustments that will create equilibrium
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