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1. During 2005, Orlando, Florida, was increasing rapidly, with new jobs luring young people into the area. Despite rise in population and income growth that expanded demand for housing, the price of existing houses barely increased. Why? Illustrate answer with supply and demand curves.
2. The United States government administers two programs that affect the market for cigarettes. Media campaigns and labeling requirements are aimed at making the public aware of the health dangers of cigarettes. At the same time, the Department of Agriculture maintains price supports for tobacco. Under this program, the supported price is above the market equilibrium price, and the government limits the amount of land that can be devoted to tobacco production. Are these two programs at odds with the goal of reducing cigarette consumption? As a part of your answer, illustrate graphically the effects of both policies on the market for cigarettes
The long run supply curve for a particular type of kitchen knife is horizontal line at a price of dolla three per knife. The demand curve for such a kitchen knife is
Comment on the statement. Do you agree with the speaker? Explain. Use a graph to illustrate the answer indicating the firm's short-run cost structure
Find out the optimal crude oil allocation in the preceding example if the profit associated with fiber were cut in half, that is, fell to $0.375 per square foot.
Assume the military bureaucracy consistently misinforms Congress on total costs of producing military hardware. Suppose that it underestimates the actual costs and that the political representatives believe these estimates.
How do markets determine the payments to the various factors of production? How do markets determine the distribution of income?
Discuss how the interplay between economies of density and the properties of hub-and-spoke networks give rise to economies of scope.
Describe some of the microeconomic and macroeconomic factors a firm must consider in its own sales and profit forecasting.
How does the demand curve faced by a perfectly competitive firm differ from the market demand curve in a perfectly competitive market? Explain.
Suppose you own the home remodeling company. You're currently earning short-run profits. The home remodeling industry is the increasing-cost industry. In long run, what do you expect will take place to
Compute the industry price necessary for firm to supply 10,000, 20,000, and 30,000 pounds. Compute the quantity supplied by the firm at industry prices of $1.50, $2.50, and $3.50 per pound.
A firm sells in a competitive market in which price is $10. Its marginal cost is 2 + .5Q. Find out the profit-maximizing level of output.
Assume that the demand and supply curves for eggs for the United States are given through the following equations:
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