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In the old days lighthouses were built along the coast to prevent ships from running aground on rocks in unfamiliar ports. By shining a beam of light over a port and guiding ships away from rocks, these vital buildings reduced the risk for ship captains and were generally considered to be extremely valuable resources. Curiously, lighthouses were almost always run and maintained by local governments. Explain in economic terms why private firms would not run a lighthouse.
organizations produce outputs that are consumed by customers. because customers are vital to the organizations survival
biofuels are increasingly being used as an alternative source of fuel. this is due both to constraints on the supply of
Have your students take a poll: Students should have survey five friends to get their responses to the question, "if the tax on beer were increased, would it result in you buying fewer cigarettes" 2) You have six hours to study for two exams tomo..
Short and Long-term costs business comparisons. Select directly comparison business concepts and generally discuss the FC, VC, break-even quantities, economies of scale and diseconomies of scale for each.
the state operates a toll road which currently charges 1.00 per car with 100000 cars using the road daily. the state
When the firms in the industry are just able to cover their cost of production, economic profit is zero. Therefore, if demand falls, causing prices to go down even a little bit, all of the firms in the industry will be driven out of business
Consider a production setting with two factors of production,one fixed in the short run.Show how isocost/isoquant analysis can be used to derive a short run average total cost curves.Label your diagramms carefully.
Assume the following data describe the gasoline market: Price per gallon $2.00 2.25 2.50 2.75 3.00 3.25 3.50 Quantity Demanded 32 30 29 28 22 21 20 Quantity Supplied 16 20 24 28 32 36 40 (a) What is the equilibrium price?
While greater access to imports may be beneficial from a microeconomic standpoint (people have greater range of goods to choose from, and available at a lower price) the macroeconomic view of things may be a little different.
Calculate consumer surplus in the case of entry deterrence and in the case of entry accommodation. Which situation leads to the largest consumer surplus?
the fixed cost for a steam line per meter of pipe is 450x 50 per year. the cost for loss of heat from the pipe per
the pizza company is considering entering the marketplace in your community. use the information from the pizza company
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