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Suppose the economy is producing at its potential output. Now suppose that consumers and businesses become more pessimistic about the economic outlook. As a result, in the short run
When a industry's marginal revenue product equals the income rate, marginal revenue also equals marginal cost.
Quantity of pizzas demanded soared following week from 1 pie an hour to 100 pies an hour. What was price elasticity of demand for Domino's pizza.
Which of the following would eliminate scarcity as an economic problem? Moderation of people’s competitive instincts. Discovery of large new energy reserves. Resumption of steady productivity growth. None of the above because scarcity cannot be elim..
Explain how much consumer surplus exists in this market. If a $2.00 excise tax is levied on this good what will happen to equilibrium price and quantity.
Two identical firms have access to a spring. Their marginal cost of bottling water from the spring is a constant 10¢ per bottle. The market demand for bottled spring water is P = 250 − 20Q, where P is the price (in cents per bottle) and Q is the quan..
Compute the regular expenditure multiplier also the net tax multiplier if the level of consumption increases from $80,000 to $92,000 as a result of change in income from $120,000 to $140,000.
Suppose a typical consumer's inverse demand function for bottled water at a resort area where one firm owns all the rights to a local spring is given by P = 15 - 3Q. The marginal cost for gathering and bottling the water is $3 per gallon. Find the op..
Describe the business and its likely main competitors and how would you structure your advertising and customer service to differentiate your product/service?
It is estimated that the annual sales of an energy saving device will be 20,000 the first year and increase by 10,000 per year until 50,000 units are sold during the fourth year. Proposal A is to purchase manufacturing equipment costing $120,000 with..
Assume a monopolist does not practice price discrimination. Which of the following must be true for a monopolist at an output level where price (P) is equal to marginal cost (MC)?
A tax is imposed on a certain good. The tax produces revenue of $5,000 for the government. The tax reduces consumer surplus by $3,000 and it reduces producer surplus by $4,000. What is the amount of the deadweight loss of the tax?
One important difference between an entrepreneurs also a manager is which the former gets into a market before demand increases, while the later gets into the market after the shift.
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