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1. Why does rent control result in a shortage of rental units.
2. How does price elasticity of demand affect how much of a tax is passed on to the consumer and how much is absorbed by the seller. Show the effect with graphs.
3. Why can monopolistic firms make economic profit in the short run bot not in the long run. Explain and show graphically.
4. Your brother-in-law wants to borrow $1000 from you but he has a fit when you tell him he will have to pay you the same interest on the loan that the bank gives you. Are you justified? Why or Why not?
5. During the 1930s Jewish fighters dominated boxing. From the around 1975 until the present, blacks have dominated basketball. Explain the causes underlying these two situations.
Choose a United States based company with global operations. Discuss and explain the impact of globalization on the company's cost structure, markets, currency risk, and overall strategy.
Determine whether your commodity is a necessity or a luxury product. Identify the availability of substitutes for the chosen product and explain how the necessity of a good and the availability of substitutes impact the price elasticity of the prod..
Define any key terms that you feel are important in answering the following question as they are defined in the textbook and explain, in your own words what those definitions mean , and then thoroughly analyze each situation to answer the following q..
You manage the plant the mass produces engines by teams of workers using assembly machines. The technology is summarized by production: Find out the short run production function? Find out the total cost function for your plant to produce q engines ..
A single monopolistic firm provides pick-up of recyclable goods (bottles, cans, paper, etc.) in the city
Draw an iso-cost line for this firm, showing combinations of L and K that cost $6 and another iso-cost line showing combinations that cost $12. What are the slopes of these iso-cost lines?
Describe why a Keynesian approach to managing the macro economy might be appropriate while, at another point in time, a classical approach might be more likely to produce a superior outcome.
Create a list of reasons for your recommendation and include considerations of product features and use of advertising.
Compute the physical units of production. Compute equivalent units of production for materials and for conversion costs. Determine the unit costs of production.
Suppose a firm has the following demand equation, Assume the company decreased the price to $2.50. Would this be beneficial? Explain. Illustrate your answer with the use of a demand schedule.
The demand for personal computers can be characterized by following point elasticity = -5, cross-price elasticity with software = -4, and income elasticity = 2.5. Indicate whether each of following statements is true or false, and describe your an..
An accountant for a car rental company was recently asked to report the firm's cost of producing various levels of output. What is the average fixed cost of producing 2 units of output? What is the average variable cost of producing 2 units of output..
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