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Assume that apples are an inferior good. Draw a perfectly competitive market for apples and a firm selling apples in the long run equilibrium where price is $10 and the firm’s equilibrium quantity is 50. Explain the following situations graphically and in words (Draw and label side-by-side graphs for each).
a. EXPLAIN what happens in the short-run if coustomers incomes increase?
b. EXPLAIN the process by which this market returns to the long-run equilibrium
Assume that macroeconomic forecasters predict that the economy will be expanding in near future. How might managers employ this information
assume you are a policymaker in washington dc. lobbyists for the preschoolers of america have put pressure on their
suppose 500 people were surveyed and of those 500 450 were working full time. of the 50 not working 10 were full-time
Suppose a bar's constant marginal cost per beer is $3.60 and it was making 40 cents per beer in variable profit without the tax. What is the profit per beer with the tax? Intuitively, why has the bar's profit fallen by more - in percentage term..
A 50-kilowatt gas turbine has in investment cost of $40,000. It costs another $14,000 for shipping, insurance, site preparation, fuel lines, and fuel storage tanks. The operation and maintenance expense for this turbine is $450 per year.
question 1. define any key terms that you feel are important in answering the following question as they are defined in
Explain the importance of price elasticity of aggregate demand. That is, what are the different welfare implications with respect to consumer surplus when aggregate demand is elastic compared to when aggregate demand is inelastic?
You win $100 in a basketball pool. You have a choice between spending the money now or putting it away for a year in a bank account that pays 5 percent interest.What is the opportunity cost of spending the $100 now?
The size of the labor force. The number classified as "not in the labor force." The unemployment rate.
amount of beef or computers produced by one worker in a daycanada japanbeef 8 5computers 3 42. which country has the
Listen carefully to the following video and summarize the main points that he is making and to what extent is it related to Adam Smith's invisible hand
Fronterra, created in 2001 by New Zealand lawmakers, profits some 13,000 dairymen instead of all the citizens of the nation.
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