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Use a diagram to show consumer surplus price of 8.00and production of 6 million meals per day. If price remain at 8.00but production were cut to 3 million meals per day, compute producer and surplus and consumer surplus. Calculate the dead weight loss from underproduction.
Assume that a new law stated that any person could print their own money. Determine what kind of changes would come about in daily commercial transactions as a result of such a law?
Discuss the main factors (supply and demand) affecting the current price of gasoline. Include at least two supply and two demand.
What happens to the student's budget line? Illustrate the change with new books on the vertical axis. Is the student worse off or better off after the price change. Explain.
An economist for the widget company estimated following short term production function. Compute the AP and MP mathematically and identify the three stages.
You work for the company that is being accused of monopoly behavior, given its large size. Comparisons are made to the industry standard, where each establishment has on average about 15.1 employees.
Using the ideas of marginal costs and marginal revenues, describe why economic profits are maximized where marginal revenue equals marginal cost and why profits decline if price is above or below the profit maximizing price.
Give one business example for increasing returns to scale and decreasing returns to scale respectively. How does this characteristic affect its business strategies? Justify your arguments.
Assume the demand curve for a monopolist is Qd=500-P, and the marginal revenue function is MR=500-2Q. The firm has a marginal and average total cost of $50per unit.
Intermediate microeconomics- Find the production possibilities frontier for the Rancher. Define marginal rate of transformation. What is the marginal rate of transformation of meat for potatoes for the rancher?
Discuss and explain the limitations of the United States "supply side" policy in the war on drugs. Can we win the war on drugs? Describe your position on legalization.
Imagine your boss in the United States home office wants to know your perspective on the following. How do international sanctions, tariffs, quotas,
What are the marginal costs and benefits of pursuing additional education and inherent risks associated with this decision?
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