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The demand curve for haircuts at Tanas Hair Design is P = 40 – 0.40Q where Q is the number of cuts per week and P is the price of haircut. At a price of $15, should Tanas raise the price of the haircuts?
Discuss the welfare effects of four possible policies: price floor, price support, production quota and voluntary production reduction. Which policy is least efficient? Discuss the differences in the benefits to farmers and the cost to the governme..
What type of market structure is the auto industry? Has consumer surplus been affected in any way due to the changes in the auto industry structure, and if so, how?
Mention two economic choices you had to make with in last week. Alfred Marshall said in 1890s, "economics is the study of man in ordinary business of life." You must examine one or two of these choices in terms of alternatives you gave up.
When negative or positive externalities exist economists say that market has unsuccessful to make the right amount of the good at the right price. What do economists mean through this?
A group of firms in an industry have been accused of engaging in price fixing in Edmonton, but not elsewhere. Describe and explain four methods you might use to estimate the price impact of the conspiracy.
Using an indifference curve, illustrate Lorne's decision if he decides to work 10 hours per day. Calculate, and in your diagram, identify, Lorne's quantity of leisure, supply of labour, and consumption. What is the price of leisure
Calculate the firm's profit-maximizing output level assuming the current price of widgets is $1 . 75 and calculate the equilibrium price/output solution. Explain your answers and show all work.
How does knowledge of value elasticity between different groups of consumers or for several products enable managers to price discriminate, change different prices for these groups?
Large-scale wars typically bring a suspension of international trading and financial activities. Exchange rates lose much of their relevance under these conditions, but once the war is over governments wishing to fix exchange rates face the proble..
Find a descriptive article (1 page or more) which deals with a current exchange rate issue.
You have been appointed economic advisor to Exam land. The mpc is 0.6; investment is $1000; government spending is $8000; consumption is $10000;
Consider a Bertrand model in which the above firms choose prices to post P_A and P_B simultaneously. Since the goods are identical, consumers will go to the firm with the cheaper price.
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