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Consider the following information about the market for magic beans. This a perfectly compet-itive market, with upward-sloping supply and downward-sloping demand. Suppose that the market is currently in equilibrium. (a) Assume that both supply and demand are linear. Suppose consumers start enjoying magic beans more than ever. Illustrate this situation graphically. Label old and new equilibrium points (b) Assume now that the economy is back to original equilibrium (i.e. the change above has never happened). Suppose that dark magicians destroy most of the magic beans harvest, and also intro-duce magic pumpkins that are claimed to have even better properties than magic beans. Illustrate this situation graphically. Label old and new equilibrium points. Explain.
Saddie Hawkins, a management analyst with Mobile Telephone Services, Inc., has collected the following information about three proposed investment projects. Each investment proposal will require a $100,000 investment to modify equipment at its Colora..
What other economic factors are affected when taxes are raised or lowered, and how are they affected. Should the government increase tax rates on everyone as a way to equalize incomes and wealth.
Suppose that Taher's pizza business operates under competitive conditions and that his short-run production function is q=20^E. What happens to the quantity of labor he demands if the wage increases to w1 = $12?
Elucidate why your answer to part (a) is an example of marginal analysis also optimizing behavior in general.
A residential rental property is acquired during the first month of the taxable year, at a total cost (including transaction costs) of $1,200,000.
Consider the market for footballs. Suppose the demand for footballs is given by F = 50 P − 1. (1) Suppose further that the marginal private cost of producing footballs is $10 per football. Suppose the football market is competitive. What price will t..
How one should go about assessing the performance of the U.S. economy. You are being asked to identify specific metrics or measuring sticks that you believe should be noted and/or analyzed in order to arrive at an accurate reading of how the economy..
Peggy's Peaches has developed a new product, the Bruise less Peach, which always stays peachy fresh. Peggy's paid 85,000 to a marketing firm to survey the bruise less peach market. The potential sales were estimated at $250,000 per year.
A country that does not tax cigarettes is considering the introduction of a $0.40 per pack tax. The economic advisors to the country estimate the supply and demand curves for cigarettes as: QD = 140,000 - 25,000P; QS = 20,000 + 75,000P, where Q = dai..
When the price of SuperSparkle Toothpaste increases by 5%, the quantity demanded for SuperSparkle Toothpaste decreases by 20%. Calculate the price elasticity of demand for SuperSparkle toothpaste. Why does demand curve shift (left/decrease or right/i..
Elucidate how much the equilibrium quantity of wheat sold. Elucidate the actual cost which is equal to the equilibrium cost.
A firm uses labor and capital to produce output according to the production function q=100KL, where L is the number of units of labor used and K is the number of machines. What is the marginal product of labor. What is the marginal product of capital..
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