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A reason there is more competition among restaurants than computer manufacturers is:
restaurants have to abide by government sanitation rules.
restaurants do not exhibit significant economies of scale.
restaurants have more elastic demand for their products.
restaurants produce a differentiated product.
restaurants produce a similar product, i.e., food.
Demand and Supply". Use the linear demand and supply curves shown in the figure to answer the following questions: The economic value of the 10,000th unit is $_______, and the minimum price producers will accept to produce this unit is $ ________.
Suppose the following were facts relating years of education to average annual income of individuals. Would you use the inductive or deductive method to derive an economic principle from these facts.
Solve for the amount imported, consumer surplus, and producer surplus. Suppose a per unit tariff of $30 is imposed by the government. Solve for the consumer surplus, producer surplus, government revenue and total surplus with the tariff.
Explain how can each of the 10 principles be applied in an example or experience with which you are familiar. How do you intend to use your newfound knowledge in future economic decisions.
People are lured by the idea of 50 mile per gallon vehicles which still perform well also are willing to pay the high prices to get one.
Construct a response to the Federal Reserve actions aimed at lowering long-term interest rates
Introductory economics textbooks usually first introduce the minimum wage as an application of demand and supply analysis. This initial discussion is usually based on the following assumptions: the labor market is perfectly competitive, the minimum w..
Calculate the initial level of output per person, the growth rate of output per person also the level of output per person after 100 years.
A company operating in a purely competitive environment is faced with a market price of $250. The company total cost function (short run) is
Consumers only consume Diet Coke and Potato Chips. Using indifference curves and budget constraints, graphically and intuitively explain what will happen to consumer’s optimal consumption bundle if there has been an increase in the price of Potato Ch..
Suppose you had an initial price of 32. Using the midpoint formula for the elasticity of demand, you determine that demand is unit elastic. What was the new price?
How do we deter free riders? What is the cost (to society) of free riders? Give an example of a public good that has a large amount of free riders. How can we change this?
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