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How do you think each of the following affected the world price of oil? a) A major war began in the oil-rich Middle East. b) The Alaskin oil pipeline was completed. c) The ceiling on the price of oil was removed. d) Oil was discovered in the North Sea.
The Babylonians studied problems which lead to simultaneous linear equations and some of these are preserved in clay tablets which survive. For example a tablet dating from around 300 BC contains the following problem:
You and a friend have each spent $8 on a non refundable movie ticket. Ten minutes into the movie, you both decide that the movie is horrible. Your friend says that you should stay and watch the rest of the movie because you “should get your money's w..
What is "monopolistic" about monopolistic competition? What is "competitive" about a monopolistically competitive market? Please explain.
Assume D represents the level of decentralization of corporate decision-making. The benefits of decentralization, denoted B, = 3D and the costs of decentralization, denoted, C = 2D + 2D2. What is the optimal level of decentralization
For each of the following characteristics, say whether it describes a perfectly competitive firm, a monopolistically competitive firm, both, or neither. sells a product differentiated from that of its competitors. has marginal revenue less than price
Suppose the demand for a movie ticket can be written as: If the cinema can offer tickets to a movie at zero marginal cost and can verify the purchaser’s age, what prices will be charged?
As a judge, Nina decides cases that involve principles of various sources of law. Common law is
Paul owns a home on the top of a hill and enjoys an unobstructed view of a large wooded area.
Please sketch this equation and make sure that you label the vertical and horizontal axes and the original point. Given X =1, Y = 4, what is the location of this point on the PPF graph? (In other words, is this point outside the PPF? On the PPF? Insi..
Suppose the quantity of good X demanded by individual 1 is given by X1 = 10 ?? 2PX + 0:01I1 + 0:4PY and the quantity of X demanded by individual 2 is X2 = 5 ?? PX + 0:02I2 + 0:2PY a) What is the market demand function for total X (= X1+X2) as a fun..
Quantity of pizzas demanded soared following week from 1 pie an hour to 100 pies an hour. What was price elasticity of demand for Domino's pizza.
If government imposes a $5 specific tax to be collected from sellers, what is the price consumers will pay. Explain how much tax revenue is collected.
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