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Consider a relatively small, tropical island nation (using the customary standard for size comparison, this nation is roughly 35 Rhode Islands). It has a healthy, well-educated population and the population growth is stable. Its economy has been stagnant at best, declining at worst for 50 years. The government has been very controlling—it is totalitarian but it may move to a parliamentary system in the next few years. There is adequate arable land for farming. Mining is not viable since no extractable resources exist.
Consider a monopolist in a market with linear inverse demand p(q) = 4 minus q/2. The monopolist's cost function is c(q) = 2q. Write down the monopolist's profit function. Compute the profit-maximizing quantity and the corresponding price. Please show..
Assuming Mr. Delaney decides to keep the body shop, and the consultant reports that it is feasible to raise prices, should Mr. Delaney do so. If he does, illustrate what general guide can you suggest as to how much price should be increased.
The price of oranges has risen dramatically. Which of the following is likely to happen?
Honda uses flexible plants in manufacturing of its cars. Discuss where this method of production results in optimum output.
A major state university in the South recently raised tuition by 12%. An economics professor at this university asked his students, "Due to the increase in tuition, how many of you will transfer to another university.
There is no way to identify family types for pricing purposes also all costs are fixed so to maximizing total income is equivalent to maximizing profit.
Use the sticky wage theory of aggregate supply to explain what will happen to output and the price level in the long run. What role does expected price level play in the adjustment?
Praxis Language is a small company in China started by three non-Chinese entrepreneurs. Originally focused on teaching Chinese to native English speakers using podcasting and other online tools, Praxis has also developed content to teach English to n..
Which of the following is NOT a component of GDP?
In 2004, a Massachusetts woman won 5.6 million dollars in the lottery, which would have paid her an initial gross payment of $283,770 and 19 more yearly payments of $280,000. Instead she sued the lottery commission for a lump-sum payment. How much mo..
Suppose that Seth's income increases from $400 to $500 per week, causing Seth to increase his purchases of movies from 3 to 4. The income elasticity of movies is:
In 2000, the town of Brother’s Bay in Door County Wisconsin had a more-or-less free market in boat services. Any adult citizen could provide boat services as long as the drivers and the boats satisfy certain safety standards. What is the competitive ..
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