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The long-run supply curve for a good is a horizontal line at a price $3 per unit of the good. The demand curve for the good is QD = 50-2P.
(a) What is the equilibrium output of the good?
(b) A $1 excise tax is imposed on the good. What will be the long-run effect on the equilibrium output of the good? Explain.
(c) Shortly after the tax is imposed, a unit of the good can be purchased for $3.60. Is this the long-run equilibrium price? Explain.
What is the source of these profits? Upon patent expiration, numerous rival drug companies offer generic versions of the drug to consumers.
Examine who the winner and loser would be - either the borrower or the lender in the given scenario. Provide support for your response.
How might prohibitions on advertising affect the cigarette industry in the short run, and in the long run using a Prisoner's Dilemma sort of argument.
Based on the data provided, what is the opportunity cost of producing pastries and sandwiches in Northland? What is the opportunity cost of producing pastries and sandwiches in West Coast?
Assume a company has the following demand equation, Q = 1,000 - 3,000P + 10A, where Q = quantity demanded, P = product value, and A = advertising expenditures
Developing countries in the "Global South" turned to socialism in the past as a means to solve their economic problems.
Explain the difference between the demand curve facing the monopoly firm and demand curve facing the perfectly competitive firm.
what will happen to equilibrium of peanut butter traded in the market after the 30% increase in the price of peanut butter? stay the same, increase, not enough info to answer, or decrease. what will happen to the total revenue os us peanut butter..
Is First Amendment free speech protection only afforded to the spoken word? Explain. 2. The 2007 PwC Report suggested three things companies could do to minimize accounting fraud. Discuss these suggestions. 3. Describe the three types of negligence c..
You have been contracted by an economic consulting company to estimate the economic structure and possible future actions of OPEC, Organization of Petroleum Exporting nations.
Assume that all banks in the banking system have a 10% reserve requirement. Further, assume that all banks in the banking system are fully loaned up both before and after Joe makes his deposit.
What effect is the new diet likely to have on the number of apple orchards within 100 miles of New York City?
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