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Describe a situation in which you were a "price-taking" consumer (i.e. you had no market power).
Describe a situation in which you were not a "price-taking" consumer (i.e. you had market power).
What was it about each situation that determined if you were a price-taker or not?
american export-import shipping company operates a general cargo carrier service between new york and several western
Scarcity underlies the need for an economic system of any type. What is scarcity? Is it possible to ever eliminate scarcity? In what two ways could an economy try to eliminate scarcity? Will these attempts ever be successful?
What jobs are likely part of the underground economy? Why should taxpayers subsidize public colleges and universities?
Suppose the production function is given by y = 4x1 + x2. If the factor prices are $4 for factor 1 and $2 for factor 2, how much will it cost her to produce 70 units of output?
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SHOW THE ECONOMIC PERFORMANCE (GDP, INFLATION ,UNEMPLOYMENT, ETC,) ON GRAPH WITH EXPLANATION OF THE GRAPH.
The value of your time spent at the game
Suppose that the demand for a good that is produced competitively is given by the equation Qd =61- (1/5)P , and its supply is given by the equation Qs =(1/4)P -2 Answer the following questions for this market.
Draw a demand and supply graph for the market for kidneys. Show on your graph the legal maximum price of zero and indicate the quantity of kidneys supplied.
How much does the economy have to grow (potential output is, 3.5% and the unemployment rate is 7.3%) in 2014 to bring the unemployment rate down to 5%? How much does it have to grow each year to bring the unemployment rate down to 5% by 2017.
A tire company can produce a number of Q tires per day at a cost TC = 500 + 2Q + 0.5 Q² price (P) $ 70, - per tire a. Express the income (TR) and Profit (π) as a function of Q.
What is the economic basis for trade? Explain the underlying facts that support free trade and give an example of a good that you purchased recently that is based on resource differences.
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