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Explain why the productivity standard for the distribution of income entails rewarding people based on their contribution to societys total output. Why does the productivity standard typically fail to yield an equal distribution of income?
Demand for DVD rentals at a video store is described by the equation: Q= 4,000-500P, where Q denotes the number of DVDs rented per week and P is the rental price in dollars.
Calculate the cross-price elasticity of demand and are the goods complements or substitutes
What is adverse selection? How does it harm the economic process and what is moral hazard? What are its consequences
Explain how, with trade, Nebraska can end up with 40 million bushels of wheat and 120 million bushels of corn while Iowa can end up with 40 million bushels of corn and 120 million bushels of wheat.
how can an economy that is below its potential output level attain equilibrium at potential output and shift the aggregate demand schedule to the left?
Derive the profit maximizing price and the profits at this price. What is the demand elasticity at this price? What is the total demand when the monopolist charges a price P?
The definition of a price maker is a "firm with some power to set the price because the demand curve for its output slopes downward", which in effect, means those firms with a downward sloping demand curve have some market power. 1.How does a firm..
The demand curve for a product is given by Qdx= 1,000-2px .02Pz, where Pz= $400 a. What is the own price elasticity of demand when Px= $154? Is demand elastic or inelastic at this price What would happen to the firm's revenue if it decided to chan..
You're the manager of monopoly. A typical consumer's inverse demand function for your firm's product is P=100-2Q and your cost function is C(Q)=20Q. Find out the optimal two part pricing strategy.
The utility function is U = U (X, Y) If the 2nd derivative for both x and y is greater then 0, does that mean the indifference curves are both convex? Explain why or why not.
In the competitive market, the market demand is Qd=48 - 5p and the market supply is Qs = 7P. The equilibrium price is4
The payoff matrix below shows the payoffs for two coffee manufacturers, Cambridge and Greystone, which are deciding whether to advertise. The blue payoffs show Cambridge's profit for different strategies selected by each firm. The orange payoffs s..
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