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Economics is divided into microeconomics and macroeconomics. What is the difference between the two in terms of the variables used in each study?
Characterize the long run equilibrium of a perfectly competitive industry in which average costs are U-shaped as output increases, under both restricted and free entry.
Explain why should you, as a future employe, be concerned about the downward trend in labor productivity increases that have been observed since the early 1970s.
For what values of X do both ? rms have a dominant strategy? What is the Nash equilibrium (or equilibria) in this case?
Elucidate the elasticity of demand given the price and income combination.
What is the internal rate of return for a cab if it is retired at the end of its economic service life What is the internal rate of return for a sequence of identical cabs if each cab in the sequence is replaced at the optimal time
Assume market demand and supply are given. Equilibrium price of X is $100 per unit then producer surplus is.
Based on your research, AT&T has spent over $15 million on related paperwork and compliance costs, Moreover, depending on the locale, telecom taxes can amount to as much as 25 percent of a consumer's phone bill. These high tax rates on telecom ser..
Make sure to properly cite and reference the article in your review, along with any additional sources that you use.
Assume that the graph on the next page illustrates the marginal, average variable and average total cost curves of a typical coffee grower-Assume that the current market price at the wholesale level is $5 per pound. How much coffee will this typica..
All of the firms will submit sealed bids. The procurement officer will look at all of the bids and select the lowest bid but pay to the lowest bidder a price equal to the price bid by the second lowest bidder. Show that bidding c is a weakly domin..
Some economists argue that the government intervention makes the economic outcome even worse. Some argue that there are important economic roles of the government. What is your opinion? Does the government do good or bad? Briefly discuss.
Assume Congress decides that oil companies are making too much profit and decides to tax oil companies for each gallon of gasoline produced. This would Answer shift the average fixed cost curve down. shift the marginal cost curve up.
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