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In 1998, Americans smoked 470 billion cigarettes. The average retail price was $2 per pack. Statistical studies have shown that the price elasticity of demand is -0.4, and the price elasticity of supply is 05. Using this information, derive linear demand and supply curves for the cigarette market.
(For more information on this market, see Frank J. Chaloupka, "The Economics of Smoking," NBER working paper, 1999, which can be accessed.
The following link should take you to an article by Krugman that appeared in The New York Times on September 6. 2009. He contrasts the stark differences between the salt water and fresh water camps of macroeconomists. What does he find to be the k..
George caught 300 fish and 10 wild boars. John grew 300 bunches of bananas. The 2 person economy that George & John set up, fish sell for 1 clamshell each, boars sell for 10 clamshell each
Wiebe Trucking, Inc., is planning a new warehouse to serve the western United States. Denver, Santa Fe, and Salt Lake City are under consideration. For each location, annual fixed costs (rent, equipment, and insurance) and average variable costs p..
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Discuss the current monopoly to provide a brief overview of the company. How did the monopoly arise Did the monopoly increase barriers to entry Does the company behave like a monopoly or more like a competitive firm
Suppose that you are a government official in charge of your country's fiscal policy. The country maintains a flexible exchange rate system. You are asked by your country's citizens to use fiscal policy alone to expand the country's..
"You have no right to shut my line down," snapped Connie. "I'm in charge of this line and I am the one to shut it down when there are problems. I suppose you've screwed around with the robot too. The minute I turn my back, you people sneak in here..
Determine the profit-maximizing average monthly production capacity for DermaPlus for each of the possible reference-based prices identified by the consultant. Estimate the expected monthly profit in each case.
What is the opportunity cost of the decision to take these benefits from staying in the apartment and dick and Jane know that the annual property tax rate is 1% of the property value
If everyone were to obtain music and video content for free from websites such as MySpace, instead of paying Universal, what would Universal’s producer surplus be from music sales? What are the implications for Universal’s incentive to produce music ..
Firms have tried a number of different strategies to reduce the negative effects of competition on their ability to earn economic profits. What is the strategy is most desirable from the economic efficiency and consumer well being
Explain the circumstances in which a monopolist may encounter a free rider problem and determine the senses in which a perfectly-discriminating monopolist is efficient or inefficient.
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