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1. Suppose the employees of Starbucks in China are paid 8 yuan per hour and a cup of coffee is priced at 8 yuan. If Starbucks is maximising its profit, a what is the value of marginal product of labour (VMPL) per hour of the last worker employed by Starbucks? Briefly explain your answer.
2. What is the employee’s marginal product per hour of the last worker employed? Briefly explain your answer.
Should food and beverage advertising to children be banned? What about for other types of products as well? Is it unethical for food companies to target their ads towards children? In a period when most parents are working, how are children to be pro..
Historical data suggests that in the athletic shoe industry, the price elasticity for shoes is approximately -0.67. Explain what price elasticity is, and how to interpret the stated elasticity for athletic shoes of -0.67. What effect would you expect..
Discuss the differences between elasticity of supply and elasticity of demand answering the following equations:
If you were to learn that gatorade introduced new favors in 2010, how should that information affect your calculation to the inflation rate.
Describe how the product has changed in price and explain whether the price change is due to supply or demand. Did the change in price affect your decision to purchase the item?
Suppose the economy is in a long-run equilibrium, as shown in the following graph. Now suppose that a stock market crash causes aggregate demand to fall. Use your diagram to show what happens to output and the price level in the short run.
Suppose that demand for a public park for two groups of consumers (A and B) are given by:
A free-market republican argues against the Pigouvian tax by pointing out that the conditions necessary for the Coase Theorem to produce an efficient equilibrium are present in this situation. Assuming that the republican is correct, describe two met..
Why do prices in monopolistic competitive markets remain above the prices that would exist in perfectly competitive markets even in the long run after entry has eliminated above normal profits?
A study estimates the cross-price elasticity between subscription satellite radio service and subscription Internet radio to be -2.5. Based on this information, we infer that the two services are
Explain how a monopolist chooses its profit-maximizing price and quantity. The paper should then discuss how the monopolist’s profit-maximizing decision affects price, quantity traded, consumer surplus and producer surplus, compared to a competitive ..
q1. if the college puts a rent ceiling in rooms of 650 a month illustrate what is the rent and explain how many rooms
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