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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.
Evaluate the results of the regression equation tells managers and how it is likely to impact decisions made related to maximizing profitability.
Clarifying resource demand as well as differs from those determinant product demand.
Discuss the difference between them and explain the managerial actions that can influence the firm profitability.
Suppose that there is a unit mass of consumers who are uniformly distributed on the segment[0,1]. Two firms are located on the line and sell identical products.
Characteristics of Proprietorships what percentage of sole proprietorships is engaged in retail trade? Why might more sole proprietorships be engaged in services rather than manufacturing?
Conditions that exist when they shut down their operations and the conditions that exist when they resume their operations.
Take into account the due dates. Prevent plagio. Late assignments have a penalty of two points. Submit assignments as attachment for easier correction.
Economic surplus could be increased at a higher price because firms would generate more revenue.
Hardwood Cutters presents seasoned as well split fireplace logs to consumers in Toledo, Ohio. The low-cost provider company is of firewood in market with fixed costs.
Nancy's price-offer path is horizontal. Explain how does Nancy's expenditure on good 1 respond to changes in p1.
If instead the Fed wants to stabilize aggregate demand, how should it change the money supply..
If the returns of the risky portfolio are normally distributed, what is the probability of returns being less than 29%.
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