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"The capacity of the earth's atmosphere in absorbing carbon emission without a serious climate effect is a common resource. Now, we are approaching the tragedy of commons in the form of severe climate change by excessive carbon emission." Explain whether you agree with this statement. Your answer should be kept within 150 words.
An airline ticket costs the same from Casper, Wyoming to Denver, Colorado, and from Denver to Orlando, Florida. Does this make economic sense? Explain the rationale behind equal prices for unequal distances in air travel using supply, demand, and..
What measures the goodness of a moving average forecast? Given the time series below find the 10th period’s forecast and the valve of MSE using n=3 and simple moving averge. period sales 1 33 2 35 3 28 with figure
Why is environmental analysis important for an organization? Please be detailed.
Which of the following is an example of monopoly?
Suppose you are the manager of a restaurant that serves an average of 400 meals per day at an average price per meal of $20. On the basis of a survey, you have determined that reducing the price of an average meal to $18 would increase the quantity d..
Suppose that the demand for corn is such that Q = 14 billion bu are consumed if the price is P = $4.00/bu, and Q = 16 billion bu are consumed if the price is P = $3.00/bu. Assuming that the corn demand can be represented by a linear equation going th..
How does your answer help to explain the law of supply? Does the supply curve of corn or soybeans shift?
Decreasing returns to scale occurs when a firm has to increase all inputs at an increasing rate to maintain a constant rate of increase in its output.
The most you would be willing to pay for having a freshly washed car before going out on a date is $7. The smallest amount for which you would be willing to wash someone else’s car is $4. You are going out this evening and your car is dirty. How much..
How does the single euro payment area (SEPA) work? In what ways is SEPA good for businesses? In what ways might it be good for individual people and families?
Would it ever be rational for a firm to retain an employee whose current marginal revenue product is less than her current wage? Explain.
The supply and demand schedules for tickets to basketball games in town of Oakwood are given in the table below.
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