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To derive the demand curve for Western states, substitute the values for advertising, income and prices and derive function for the price. Add up the constant terms to get Qe=(coefficient)P + constants or if this looks more familiar Q=a+bP, (Q/b)-(a/b) = P, a/b reduces to a constant and Q/b= 1/b*(Q) where 1/b is a number
When thinking about the theory of the firm, shirking, and principle-agent problems, we can find analogous situations in our personal lives. Make a Power Point presentation (for sharing with the class) two personal situations to illuminate this con..
Explain how GDP would return to equilibrium if it was above or below equilibrium GDP. Whenever there is change in spending, there will be a change in real GDP. Explain why this is so.
raise or lower tuition? suppose that in an attempt to raise more revenue nobody state university increases its tuition.
Choose a market for a good in your area that seems to be a perfectly competitive market. Write four or five substantive paragraphs that describes the market and answers the following questions: Identify the buyers and sellers as well as the goods o..
good x is a normal good. use indifference curves and budget lines to show the substitution and income effects of a
identify economic factors that affect the real gdp the unemployment rate the inflation rate and a key interest rate.
The MidNight Hour, a local nightclub, earned $100,000 in accounting profit last year. This year the owner, who had invested $1 million in the club, decided to close the club. What can you say about economic profit (and the rate of return) in the n..
1. bertrand duopolists firm 1 and firm 2 face inverse market demand p 50 - q. both have marginal cost mc 20.
Briefly discuss the concept of both positive and negative externalities and give specific examples of each. In your explanations of the two, cover the differences, discuss why property rights are an important variable, and discuss any other releva..
consider the isle of lucy a country initially characterized by government regulations that require detailed reporting
you have been hired by a new firm selling electronic dog feeders. your client has asked you to gather some data on the
Suppose you currently live and work in cleveland, earning a salary of 70,000 per year and spending 30,000 for housing. you just heard that you will be transferred to a city in california where housing is 55% more expensive. In negotiating a new sa..
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