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Give two reasons why Marginal Revenue curve of a pure monopoly is downward slopping?
Suppose you live in a community that relies on clean drinking water from a nearby lake. Lately you have noticed that the quality of the water has suffered as pollution washed into the lake. Is this a market failure? Explain.
Which of the following would result in a short-run increase in the wage rate in a com- petitive labor market?
The behavioral economist Robert Frank speaks of the bounded nature of rationality in his 2008 interview (Challenge 2008) and discusses the axiom of the independence of irrelevant alternatives in rational choice theory.
As an example of the straightforward use of the gradient conversion factors, suppose that certain EOY cash flows are expected to be $1,000 for the second year, $2,000 for the third year, and $3,000 for the fourth year and that, if interest is 15% per..
Five networks are vying to receive the pay-per-view broadcast rights to the World Series of Yahtzee. Each estimates that the inverse demand for watching this nail-biter of an event is given by P = 100 ? 0.01Q. Each can provide the broadcast at a cons..
The United States spends more on healthcare than many of the other countries but is not number one in the quality outcomes. Do you think the methods of reimbursement contribute to this outcome?
Given the market for wheat in equilibrium, assume that the government imposes a price floor on wheat. Explain what happens to the market for wheat as a result of this action? Draw and graph to fully illustrate the situation.
George and Jane are next-door neighbours. George likes listening to pop music at high volume but hates opera. Jane likes listening to opera at high volume but hates pop music. What is the externality in the above case? Why might the Coase theorem not..
Consider an intertemporal model in which representative households choose consumption, c (subscript t), money holdings, m(subscript t+1), and bond holdings, b (subscript t+1), to maximize their utility over time, prices are perfectly flexible, and al..
Chipotle wants to run an experiment to estimate the demand elasticity for its customers who consume pork burritos. Chipotle raises the price of pork burritos 5% in half of its restaurants, but keeps the price of pork burritos unchanged in the other h..
imagine that you work for the maker of a leading brand of low calorie frozen microwavable food that estimates the
Assuming the price of Y's motorboats decreases by $300, what change in demand for Smooth Sailing's sailboats will result (give numerical value too)?
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