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Suppose that demand for a product manufactured in your state is Q = 1,200 - 4P and the supply is Q = 2P. Furthermore, suppose that the Marginal External Cost or damage associated with production of this product is $12 per unit.
a. Sketch this market with output Q on the horizontal axis.
b. How many more units of this product does the free market currently produce than is socially efficient?
c. Calculate the deadweight loss associated with this externality. Shade the area of DWL in your sketch.
d. Explain why deadweight loss is harmful to the economy and what options you would use to address this problem.
Select one market segment, and describe in one or two paragraphs what features the cell phone might have in order to be attractive to this segment.
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As the level of competition in an industry increases, the price-cost margin approaches:
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Calculate the present worth of a 4.5%, $5,000 bond with interest paid semiannually. The bond matures in 10 years, and the investor wants to make 8% per year compounded quarterly on the investment.
Other things being equal, an economic expansion in the U.S. will
Firms pay efficiency wages because these wages:
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In your own words, and using research sources other than the textbook, distinguish between economic profit and accounting profit. Please cite references
The supply and demand curves are: Qs = -800 + 15p and Qd = 3200 - 25p. Solve for the market equilibrium. Now suppose a tax of $20 per unit is imposed on consumers. What are the new equilibrium quantity, buyer's price and seller's price? What is tax r..
Explain the connections between opportunity cost and the production possibilities frontier.
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