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a) Apples are bought and sold in a competitive market.
I. Use a graph for the apple market and a graph for an individual firm to demonstrate that firms are earning economic profits.
ii. Explain, without using a diagram, whether the situation in (a) can be maintained in the long run.
b) A student argues: The economic model of a perfectly competitive market is very unrealistic because it predicts that firms in a perfectly competitive market earn zero profits in the long run. However, in reality, no firm would stay in business if it earned no profits. Do you agree or disagree? Explain.
Now discuss the fact that deflation is the central bank's worst nightmare. Make sure you refer to a real interest rate of -2.68%. Why is this environment such a nightmare for the central bank and monetary policy?
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Savings Mart sells patio furniture. Sales are seasonal with higher sales in the spring and summer quarter and lower sales during the fall and winter quarters. Forecast Savings mart sales of patio furniture for each quarter of 2010
What are two ways a seller of labour (that is, someone looking for a job) might reassure a possible employer who is faced with imperfect information? What are two ways that a farmer looking to rent ground might reassure a landowner that is faced with..
Bill is thinking of investing in a Silicon Valley start-up. His von Neumann-Morgenstern utility-of money function is U(w) = 9+w-(w^2/100) where w denotes wealth measured in thousands of dollars (thus w = 1 means $1,000). Would a risk-neutral person m..
q1. which types of inefficiency described in chapter 10 do you think is most economically significant in the country
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a friend of yours is considering two cell phone service providers. provider a costing 120 month for the services
Suppose that the American Heart Association has determined that pistachios are extremely heart healthy and can lower bad cholesterol levels. Is the information likely to cause a shift in demand or supply? What will happen to price?
What are the components of aggregate expenditure. What determines the slope of the aggregate expenditure line.
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