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For a single illness (such as a sore throat and cough), show the demand curves for three different consumers with different preferences about medical care and other goods. Need the demand curves be parallel? Could they ever cross? Now aggregate those three demand curves into a demand curve for them together. If these three people constitute the entire population in a market area, then this demand curve is the “market” demand curve. Think about what would happen when you aggregated the demand curves of thousands of individuals.
The Millvale Private Insurance Company estimates that that there are 1000 businesses in Millvale that are facing the possibility of $200,000 in flood damage. Half of the businesses are located along the Allegheny River, like the Millvale Boat House, ..
It is well known that, at times, public administrators have to make unpopular decisions. Propose two (2) leadership skills that are required for making difficult decisions in the current political environment. Next, propose two (2) actions that publi..
A production possibilities curve is “bowed out,” or concave to the origin, because of:
Select a news article dated within the previous two months and analyze the issue using the economic concepts and theory learned in this class. Include at least one graph developed in our course.
What is the total purchase of tennis racquets? Why? What is the consumer surplus? Why? What is the increase in consumer surplus when the market price drops to $ 50? What is the increase in producer surplus when the market jumps to 80?
An equal number of consumers who have a willingness to pay of $119 are allowed to buy the good at a price of $99. How will consumer surplus be affected.
A decade ago Mirk Labs incurred $60 million in research and development coss for Zatab. Current production costs for Zatab are constant and equal to %5 per unit what whole sale price will Mirk Labs set.
In what ways does the concept of the prisoner's dilemma contribute to our understanding of environmental problems? Regarding global warming, deforestation, and ocean dumping, what are the sources of the problems (political, economic, social)? What ma..
Suppose that velocity is constant at 9, but the nominal money supply increases from $1.5 to $1.8 trillion. What must happen to nominal output? Suppose further that real output is constant at 13.5 trillion “units”: what must happen to the price level?
Elucidate how many workers the firm should hire for different values of the wage rate in order to maximize profit.
Government agencies to which the national health care program assigns the task of assisting individuals, families, and small businesses in identifying health insurance policies to purchase are known as
If the economy is facing rising levels of inflation, what would the Fed do with its three monetary control tools? Why does the Fed buy government securities during a recession?
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