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Insurance agents receive a commission on the policies they sell. Many states regulate the rates that can be charged for insurance. Would higher or lower rates increase the incomes of agents? Explain, distinguishing between the short run and the long run.
Is the market for coffee perfectly competitive and does the coffee market meet all six conditions of a perfectly competitive market?
What is the law of diminishing returns? Can you provide an example of when diminishing returns have set in (could set in) at a work place?
Given that milk and cookies are complements, suppose the price of flour (an ingredient in cookies) rises. What happens in the market for milk Choose one answer. a. The equilibrium price and quantity rise. b. The equilibrium price rises and the equil..
Explain why market power leads to a deadweight loss. Is the total deadweight loss from market power for the economy large or small. A student argues, "If a monopolist finds a way of producing a good at lower cost, he will not lower his price. Becau..
A firm with market power produces widgets at marginal cost of $10 per unit and zero fixed costs. It faces demand function given by P = 50 - Q. Find out the marginal revenue for the firm?
Set up the Lagrangian for a cost minimization problem, then use it to derive the Hicksian demands for goods X and Y when the utility function has the Cobb-Douglas form
What different mechanisms are available to the federal government to change aggregate demand Why is a market economy susceptible to coordination failures that can lead to unemployment and inflation What do you think can be done to rectify these f..
Assume that in the perfectly competitive industry the equilibrium industry quantity is 10,000 units. Assume that the monopoly output is 5,000. For a 2-firm Cournot Oligopoly (N =2) known as a duopoly, what is the likely Cournot QUANTITY for the in..
What are the major reasons a multinational corporation would engage in Foreign Direct Investment (FDI)? Explain the factors in Michael Porter's "Five Forces Model" which affect the capability of any firm in an industry to earn the profit.
1.Under what circumstances might a tax reduction be associated with a long-run increases in real national income and a long-run reduction in the price level.
What is Tom's 'real' hourly wage rate? How much will it be if he had 128 hours of leisure (= worked 40 hours)d. Tom chooses to work 40 hours a week. On the above graph, draw Tom's indifference curves between leisure and money so that this is his opt..
Jamaica is the 4th largest island nation of the Greater Antilles.It is situated in the Caribbean Sea south of Cuba, and west of Hispaniola, the island containing the nation-states of Haiti and the Dominican Republic. Jamaica is the 5th largest isl..
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