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A city called "Ludwig" is monocentric. The rate at which the price of apartments falls there as a function of the distance of the apartments from the central business district, isn't linear.
What can we derive from this fact in terms of the crowdedness of the population as a function of the distance from the central business district?
What role do inventories play in determining the real GDP demanded In answering this question, suppose initially that firms are either producing more than people plan to spend or producing less than people plan to spend.
If a competitive firm is currently producing a level of output at which profit is not maximized, then it must be true that marginal revenue exceeds marginal cost.
Describe how a firm in a Monopoly market maximizes its profits and minimizes its losses in the short term and in the long term. Can a Monopoly make a profit in the long term?
Suppose a perfectly competitive firm is producing 300 units of output, P = $10, ATC of 300th unit is $8, marginal cost of 300th unit = $10, and AVC of the 300th unit = $6. Based upon this information, the firm is:
Felix Jones, a recent engineering graduate, expects a starting salary of $ 65,000 per year. His future employer has averaged 5% per year in salary increases for the last several years.
Calculate the price elasticity of demand for Einstein's Bagels and explain what it means and derive an expression for the (inverse) demand curve for Einsteins's Bagels.
Assume that the demand changes to QD = 600-2P and the supply function stays the same. Graph the new situation in Excel. Find the new equilibrium price and quantity, and show it on your graph.
Compare the political scientist's view of government and economic policymaking and the Public Choice conception of politicians, bureaucrats and special interest groups in the political process. Which do you consider to be more realistic for underst..
Discuss the pros and cons of such a policy from a short-run versus a long-run perspective. Also, include a discussion of the Phillips curve in your analysis.
Compute the cross-price elasticity of demand between goods X and Y at the given prices. What is the own price elasticity of demand at these prices?
Consider a household that possesses $100,000 worth of values (computers, electronics, jewelry, etc). This household faces a 0.10 probability of a burglary. If a burglary were to occur, the household would have to spend $20,000 to replace the stole..
State the Law of Supply. Why do the supply curve slopes upward? State the Law of Demand. Why do the demand curve slopes downward? Explain why normal profit is an implicit cost (i.e., subtracted from accounting profits) in our definitionof economic tr..
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