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Imagine you've started a new pizza restaurant. It costs you about $6 to produce a pizza.
Last week you sold 500 pizzas for $12 each.
This week you raised your price and sold 375 pizzas for $14 each.
What price should you be charging? (round to the nearest penny)
Identify a good or service that you've purchased in the past week. Identify a substitute for that good or service.
When price p is above a price taking firm’s SAC, the price taking firm profits may be negative but it will choose to continue producing as long as variable cost are covered. When price p is above a price taking firm’s SAVC, but below its SAC, the pri..
From the perspective of normative economics, what differences does it make whether able-bodied citizens are compelled to work on the bridge or whether a workforce is recruited through a normal process of making job offers to applicants and relying..
Anti nuclear activists sued the AEC over the Calvert Cliffs Environmental Impact Statement. In 1971 the Federal Court (via judicial review) ruled that the AECs must do what? Why is this significant?
Do you agree or disagree with the decision in the Lambert case (p. 323, textbook). Explain by making EXPLICIT reference to any of the principles of Contract Law (say which one(s) you are using) that are in the Chapter.
A positive demand shock in the very short run would cause _____________ in prices; in the long run, it will cause _____________ in prices.
Research suggest that the relatively higher rate of growth of output per capita in rich countries between 1985 and 2009 was the result of which of the following?
Show that the imposition of a specific tax on a monopoly will reduce output more (and increase price more) than will the imposition of an ad valorem tax.
If the government were to make university attendance mandatory and subsidize tuition costs with tax dollars, how might this affect a nation's economic growth?
Consider the following model of price competition. Two firms set prices in a market whose demand curve is given by equation: Q=6-2. Where p is the lower of the two prices. If firm 1 is the lower priced firm, then it is firm that meets all of the dema..
A potential employer has asked you to describe your approach to the recovery of a Windows 10 computer that is failing.
The electric power industry is held up in the article as an example of a natural monopoly. Brainstorm other examples that can be readily identified in the present market economy.
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