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Suppose the government imposes a quota restricting the production of apples to an amount less than the competitive market equilibrium quantity. Illustrate this situation on a production possibilities curve for fig leaves and apples and explain which condition for efficiency is violated.
Calculate the number of employed, the labour force, the percentage of people not in the labour force, the rate of unemployment, and the labour force.
In your paper include a discussion of the opposing position along with your rebuttal (of that opposing position). For instance, if you decided to write a paper explaining that people should be allowed to vote using the internet, then the opposition w..
A ?rm is the only supplier of two goods, X and Y, and the demand equations for these goods are 4m+px=200 and 2y+py=152 where 39).; and py are the prices and x a
Average fixed costs in the short run:
What are the values of the slopes of the budget lines shown in the diagram, and what does the slope of a budget line tell us?
Consider Cournot competition with asymmetric costs. Can you draw response curves for which production equilibrium production by firm 1 is so large that firm 2 d
Kim and Pat underwrite insurance. Each underwrites 50 accounts per month. Each account takes four hours to underwrite. The value of their time is $40 per hour. Monthly costs for each are $1,500 for an office, $2,000 for a receptionist, and $2,400 for..
Give one example of a government-imposed price control and explain:
Explain how large an income tax cut is needed Alternatively Explain how much more government spending would achieve the target.
Oligopolies may produce the same good or a differentiated product. The key distinction between oligopoly and other market structures is that there is a strategic interdependence between the firms in the market. Briefly describe at least one strategy ..
What is the difference between U.S Saving Bonds and other government bonds?
Suppose that Italy and Germany both produce fish and wine. Italy's opportunity cost of producing a bottle of wine is 4 pounds of fish while Germany's opportunity cost of producing a bottle of wine is 9 pounds of fish. By comparing the opportunity cos..
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