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On a trip to the grocery store you want to purchase oranges, but the price is pretty high due to the canker disease that has affected the crops. What are your choices? Do you have alternatives? What causes a shift in the demand or supply of oranges (consider the determinants)? Lastly, are there other goods or complimentary items that might be affected by the shortage of oranges?
a researcher reported that he had found the demand curve for kerosene to be upward sloping.-as the price of kerosene rose the quantity demanded of kerosene increased. Illustrate what questions might you have for this researcher.
Comment on the following quotation: "One way that a minimum wage could result in expanded employment is if the government sets the minimum below the market equilibrium wage."
Consider an economy in which people wish to hold bank checking deposits worth a total of 5 million goods and currency worth 2 million goods in every period. In addition there is a stock of unintermediated capital worth 10 million goods. ind the total..
Monopolistic competition is different from monopoly because monopolistic competition is characterized by free entry, whereas monopoly is characterized by barriers to entry. Monopolistic competition is different from oligopoly because each seller in m..
Discuss the instruments available to address global climate policy and the challenges facing greenhouse gas emissions reduction.
Through critical thinking in philosophy, we learn that traditions, beliefs, opinions, and assumptions can hinder us from arriving at logical decisions. Many of you are used to basing your decisions on any or all of the above (recall Plato’s Cave). Wh..
The demand for a mysterious good X in is Q = 10 − P , where P is the price of good X per pound and Q is the quantity demanded in pounds. The marginal cost of producing the good is $2 per pound. Find each firm’s Nash equilibrium price and quantity. Wh..
Consider a country’s trade off between the production of two ‘goods’: environmental quality (extent to which their environment, including air and waters, are clean), and all other goods. Why is there a trade off? Explain.
What do you think will happen to the price and quantity of DVDplayers. What is the difference between economies of scale and economies of scope? Provide examples for each of them (one example for each of them will be sufficient)?
From the items below that will no longer be needed, which one is most likely to result in the most costs savings?
The company’s MARR is 24% per year, compounded monthly. What is the maximum price Shockers Company should bid for PGP?
Find the optimal capital and labor inputs given the production function f (k, l) = ak + bl and that the output price is given by p, the rental price of capital is r and w is the wage.
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