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What is the cost of regular unleaded fuel in your town? What are some contributing demand and supply factors to the differences in fuel prices around the country?
Think of an externality in your community. Explain what type of externality it is. How can it be resolved (through the market and/or through government policies)?
Big State U charges in-state and outstate students different tuition rates. Instate students pay $2000 a term, and respond according to the following demand equation: QI = 23,000 - 2TI where QI = in-state student enrollment and TI = instate tuition. ..
Betty can make either “12 bottles of wine and 0 boxes of chocolates” or “0 bottles of wine and 96 boxes of chocolates” or a combination of wine and chocolates. Find Betty's opportunity cost of a bottle of wine in terms of box(es) of chocolates.
Suppose that the demand curve (hundreds) for apples is given by Qd = 140 - 5P, where Qd is the number of pounds demanded per year and p is the price per pound. The supply of apples can be described by Qs = 40 + 5P, where Qs is the number of pounds pr..
Suppose the short-run production function is q = 6L^2. If the wage is $12 per unit of labor, then: What is the average variable cost?
A couple sold their home. In addition to cash, they took a mortgage on the house. The mortgage will be paid off by monthly payments of $232.50 for 10 years. The couple decides to sell the mortgage to a lend bank. The bank will buy the mortgage, but r..
There are two identical firms in this economy with constant marginal costs equal to 1 and no fixed costs. Assume that firms set prices and follow a Bertrand model to do so.
Share your thoughts on labor unions today. Do you have any personal or family experiences with unions? Do unions serve a valuable purpose in today's business world? Be specific about what costs and benefits you feel unions contribute today.
Create a mind map to illustrate the ways that human behavior has influenced the formation and implementation of the policy. You may complete one of the provided templates or create your own. All maps must include a minimum of 7 influential factors.
Recently I began thinking about why the use of tokens for money is so popular. In casinos, I think that it is well justified, but there are some cases when those arguments are not useful. For example, why would an amusement park make you buy tickets ..
For the following production functions: calculate marginal product of labor (L), marginal product of capital (K), and the technical rate of substitution. Identify if the production function exhibits constant, increasing, or decreasing returns to scal..
Complete MRP table for selected components in case Exhibit. What are three predominant strategic issues with ir manufacturing, planning and controlling.
Draw a new set of graphs that illustrate long-run equilibrium in a constant-cost competitive industry. Use two graphs, one for the market and another for a representative firm. a. Show and discuss the effect an increase in market demand has on the re..
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