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Assume the cat food industry is perfectly competitve and is in long run equilibrium. suppose people start to take more cats than dogs as pets, what is the impact to the cat food industry and the individual firm in the short run and long run specifically and why?
Prove that inferior goods (goods with a negative income effect) have a backward bending income consumption curve. Prove that giffen goods have a positively sloped demand curve and a backward bending price consumption curve. Comment about substitution..
Everett McCleskey, a local business person, is a good friend of Al Miller, the owner of a local candy store. Every day on his lunch hour, McCleskey goes into Miller’s candy store and stays about five minutes. After looking at the candy and talking to..
what single payment at the end of year 5 is equivalent to an equal annual series of payments of $800 beginning at the end of year 3 and ending at the end of year 12? The interest rate is 8% compounded annually
Consider a market characterized by the following demand and supply curves: Qd = 1600- 20p and Qs = - 900 + 30p. Calculate the change in producer's surplus. Calculate the deadweight loss of the price ceiling.
Unemployment occurs even during periods when the economy is growing. An increase in demand will cause the equilibrium price and quantity to rise, ceteris paribus. An increase in wages will shift the supply curve up and to the left. GDP measures under..
Based on costs and revenues above, which should you do. Elucidate and show any relevant calculations.
What would happen to the Production Possibility Frontier over time? How would invention and technological improvement modify your answer?
Explain how Steve Jobs revolutionized 6 industries (personal computers, animated movies, music, phones, computing, digital publishing. Describe his marketing strategy.
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases
What are the characteristics that make Irelands international company different from domestic companies? Is this company successful? What makes this company a success or failure?
Assume an industry is a duopoly. Elucidate the best response functions for A and B.
As a general rule, is it safe to assume that a change in the price of a good will always have its most significant impact on the quantity demanded of that good, rather than on the quantity demanded of other goods? Explain.
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