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An economy is currently made up of a firm that produces bread, a firm that produces butter, and a consumer who consumes both bread and butter. Current production is 100 units of bread, 50 units of butter which the consumed by the consumer. If the output changed to 75 units of bread and 60 units of butter, the profit of the butter firm would go up by $42. The profit of the bread firm would go down by $76. The consumer prefers 75 bread and 60 butter to 100 bread and 50 butter. It is so much better that the consumer would pay $40 more to have 75 bread and 60 butter rather than have 100 bread and 50 butter. Explain, using the definition, why you know it is not Pareto Efficient to have the economy produce 100 bread and 50 butter.
What does the market for sugary sodas look like? Provide a supply-demand graph with realistic prices.
What are the difficulties in measuring this within one country and making comparisons of the standard of living of people in different countries?
What is the new profit maximizing output level and how many workers are hired at this level
Compare and contrast each market structure. Make sure to discuss the differences in the productive and allocative efficiency when comparing and contrasting.
One of the stages of economic growth is capital intensive, where wealth is created throught the efficient use of money and industrial manufacturing occurs. what latin american country fits into this stage and why.
Assume your elasticity of demand for your parking lot spaces is -.05, and price is $20/day. If your MC is zero, and your capacity at 9 a.m. is 96% full over the last month, are you optimizing?
Analyze the proposals for reform in the current K-12 system and determine which single proposal would be the most likely to succeed. Explain your rationale. evaluate the effectiveness of No Child Left Behind.
Suppose a medical study reveals new benefits to consuming beef, and at the same time a bumper corn crop reduces the cost of feeding cattle. The equilibrium quantity of beef will stay the same.
Residents of your city are charged a fixed weekly fee of $6 for garbage collection. They are allowed to put out as many cans as they wish. The average household disposes of three cans of garbage per week under this plan.
Given a 50% learning curve, where the first unit costs is $1,000, the cost of the 4th unit would be: a. $800 b. $250 In the linear break-even model, the difference between selling price per unit and variable cost per unit is referred to as: a. varia..
Consider the problem of a competitive firm and what is the maximum market price at which the firm decides to supply zero?
Explain how each of the folloowing variables will be affected by proposed steps that you have identified in the first part of the decussion: Money supply, interest rate, inflation rate, aggregated demand and output.
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