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Define the concept of a supply schedule or curve. Show that an increase in supply means a rightward and downward shift of the supply curve. Contrast this with the rightward and upward shift of the demand curve implied by an increase in demand.
Elucidate proponets of free market systems argue that free enterprise leads to more efficient production and better responses to changing consumers preferences.
If the actual price in this market were below the equilibrium price, what would drive the market toward the equilibrium.
Suppose Alan’s preferences are described by the utility function: Find the equation for Alan’s indifference curve through the bundle (3, 6).
Suppose the logging industry forms a union that requires longer apprenticeships and charges high fees to its members. Discuss the reasons why loggers might place these stipulations on union members. What are the loggers hoping to achieve?
Labor costs have been increasing at an annual rate of 10%. A firm wishes to set aside funds to cover labor costs for the next 5 years. Determine how much must be set aside today if the money will be invested and will earn interest at a rate of 10%. T..
This focuses on the relationship between inputs and output. Different production curves are presented. But the intensity of current global competition often requires managers go beyond the traditional production curves. Today's manager must understan..
Discuss the current monopoly to provide a brief overview of the company. How did the monopoly arise? Did the monopoly increase barriers to entry?
Suppose the own price elasticity of market demand for retail gasoline is -0.8, the Rothschild index is 0.5, and a typical gasoline retailer enjoys sales of $1,500,000 annually. What is the price elasticity of demand for a representative gasoline reta..
If the company installs new equipment, FC rise to $2000 and AVC drops to $2.25, what is the break-even point and at what production level should the company switch from the old machine to the new?
How has the educational system affected the quality of our labor force? Explain the Malthusian theory of population. Is it relevant today anywhere in the world? Explain where and why. How does the American savings rate compare to that of other leadin..
Demand for microprocessors is given through P=35-5Q, where Q is the quantity of mircochips. The typical company total cost of manufacturing chips is Ci=5qi, where qi is the output of company i.
If workers enroll in a savings plan and are asked to check a box to opt out of it, we are seeing an example of a nudge involving:
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