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Suppose you are a central planner in a communist country, and it is your job to set the price of rutabagas. The first person assigned to this job set a price of 10. This resulted in 40 tons of rutabagas supplied and 75 tons of rutabagas demanded. The 35-ton shortage led to long lines, which led to riots, which led to the planner getting arrested and shot. That person's replacement set a price of 20. This resulted in 80 tons of rutabagas supplied and 65 tons of rutabagas demanded, which led to a 15-ton surplus or rutabagas being thrown away to rot, which led to the planner getting arrested and shot. Assuming that the supply and demand are linear, what price should you set for rutabagas so you do not get arrested and shot?
The manager of a national retailing outlet recently hired an economist to estimate the firm's production function. Based on the economist's report, the manager now knows that the firm's production function
Engineers at national research laboratory built a prototype automobile which could be driven 180 miles on single gallon of unleaded gasoline. They estimated that in the mass production the care would cost 40k for each unit to build.
When the demand line is perfectly elastic, there is no deadweight loss after taxation and firms must not operate if the market price is less than ‘break-even' price.
The economy can be stimulated with a variety of injections not just government spending. What economic policy would you advocate to (1) encourage investment spending, and (2) encourage exports. How effective do you believe these policies would be..
Efficiency can best be defined as the amount of output generated in a given amount of time,producing items using the least amount of resources or else.
the wages of players have raised enormously, in particular the salaries of high-quality pitchers.
Illustrate what is the tolal accounting cost. Illustrate what is the total economic cost. Elucidate why these are different in this way.
If it will cost us approximately $0.75/bottle to supply more Coke to our consumer what should we do if our goal is to maximize profit.
Trade off liberalization conflict with morally-conscious environmental policies. While it is true that economic growth is necessary for general welfare
Early Classical economists found following diamond or water paradox perplexing: Why is water, which is so useful and so necessary, so cheap.
Explain why is it wiser for the government to put a sales tax on a good that is demand inelastic than on one that is demand elastic.
It is impossible to select as BMW's and laser printers are fundamentally different goods with different purposes.
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