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Define inflation.Assume that you live in a simple economy in which only three goods are produced and traded: fish, fruit, and meat. Suppose that on January 1, 2010, fish sold for $2.50 per pound, meat was $3.00 per pound, and fruit was $1.50 per pound.
At the end of the year, you discover that the catch was low and that fish prices had increased to $5.00 per pound, but fruit prices stayed at $1.50 and meat prices had actually fallen to $2.00. Can you say what happened to the overall “price level”? How might you construct a measure of the “change in the price level”? What additional information might you need to construct your measure?
In 2005, hogs in the US were selling for $67 each, down from $75 a year ago. This was primarily due to fact that supply had raise during the period to 1.8 million hogs per week.
Research how externalities impacted the development of communication infrastructure- both positively and negatively and discusses a positive example of externality associated with the development of communication infrastructure and Explain why?
Assume that you became president of small theater company. Your playhouse has the 120 seats and small stage. The actors have national reputations, and demand for tickets is enormous relative to number of seats available
Why might a profitable motel shut down in the long run if the land on which it is located becomes extremely valuable due to surrounding economic development What kinds of costs are involved in making a decision to shut down
Graph Jay's budget constraint when her income is 50, and the price of housing and food is 2 and 10 respectively. What happens to her budget constraint when M increases?
The demand in Japan for new automobiles is elastic and sensitive to market prices. Given that, describe the effect of each of the following on the quantity demanded or the demand for new autos in Japan
Explain the factors of production and give an example for each one and what is the difference between a normal good and an inferior good? How does this relate to the demand curve
Why is it not surprising to find that in the oligopoly which sells basically undifferentiated product like chicken growth hormone all the firms change prices simultaneously, even if there is no explicit price fixing?
Suppose that the total short-run cost function of a firm is given by TC = 200 + 20Q, where TC is the total cost and Q is the total quantity of output.
Because of the free-rider problem: the market demand for a public good is overstated. the market demand for a public good is nonexistent or understated. government has increasingly yielded to the private sector in producing public goods.
Explain why in a monopolistic industry, if demand and cost curves are the same as those of a competitive industry, and if the demand curve has a negative slope and the supply curve has a positive slope, then monopoly output will be lower and price..
The output sold by a particular firm may be quite different from the output sold by the other firms in the market
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