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Suppose the price of unleaded regular octane gasoline were 20 cents per gallon higher in New jersey than in Oklahoma. Do you think there would be an opportunity for arbitrage (i.e that the firms could buy gas in Oklahoma and then sell it at a profit in New jersey)? why and why not?
Using algebra find out the effects of this change in cost on profit maximizing output and the optimal profit.
Compared to the Gini coefficient for income distribution, the value of the Gini coefficient for the distribution of wealth would be,percent of families on the vertical axis and percent of income on the horizontal axis b. percent of families on the h..
Illustrate what policies have been proposed or implemented to address the problem your describe.
TLC Lawn Care, Inc. provides fertilizer and weed control services to residential customers. Its seasonal services package, regularly priced at $250, includes several chemical spray treatments. As part of an effort to expand its customer base, TLC..
Despite the tremendous economic strides made during our current era of globalization, our world is split largely between those who have benefited greatly from globalization and those who have not (many of whom have actually been hurt by it).
Assuming there is no change in demand or the firms cost curves, explain what will happen in the long run to the price of fertilizer, marginal cost, average total cost, quantity supplied by each firm, and the total quantity supplied to the market.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
You are the manager of a local sporting goods store. Given the reservation prices, determine your optimal bundle pricing strategy.
Find an article from the media (internet, newspapers, magazines, etc.) on a current event that addresses an economic concept (e.g., consumption, saving, investment, real GDP, marginal propensity to consume, income multiplier, etc.). Write a one t..
Now suppose this game is to be played an unknown number of times. Both firms know that there is a probability .1 that the current play of the game will be the last time the game will be played. So there is a probability 1.0 that the game will be p..
Two firms compete in a market to sell a homogenous produce with inverse demand function P = 400 - 2Q. Each firm produces at a constant marginal cost of $50. Use this to compare the output and profits in settings characterized by Cournot, Stackelbe..
Explain how will these events impact the equilibrium price and quantity of generic soft drinks.
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