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1. Explain in your own words the discrepancy between consumers' and producers' view of tourism as a product.
2. What is meant by the" opportunity costs" of tourism? Show how these may be linked to seasonal patterns of tourism.
Consider the types of non-tariff trade barriers and determine which has the most detrimental effect on the U.S. economy from the standpoint of the domestic consumer. Explain your rationale and support it with specific examples.
In 10 years from now, you want your investment to be able to be worth $50,000. To the nearest dollar, how much must you invest now in an account that will earn 10% compounded annually?
Which of the following is NOT a characteristic of a perfectly competitive market? Recall the Application called "Wireless Women in Pakistan." What makes the wireless telephone market in the US NOT perfectly competitive? Recall the Application called ..
Do you consider yourself an early adopter when it comes to trying out new products or new fashions, or do you tend to take a wait-and-see attitude? How does your attitude toward new products and new ideas influence your decision making as a consumer?
Why does the government intervene in the economy? Should they and what would the impact be if they did not?
The market demand curve for a monopolist is as follows: Q = 18000 – 400P Marginal cost of this firm is $ 20 and is constant. Find the profit maximization level of output and price. Find the revenue maximization price and quantity.
Which one of the following statements is FALSE about a market characterized by the market structure we call duopoly (that is an oligopoly with only 2 firms) under Cournot competition?
Prove that giffen goods have a positively sloped demand curve and a backward bending price consumption curve.
A small Indiana town has one resident who uses and enjoys the local bowling alley. The marginal benefit of bowling for that resident is given by MB=50-7Q. The manager at the bowling alley has set the price of a game at $20. What is the total benefit ..
Constrained Optimization in Economics 2. Minimize costs for a firm with a cost function Subject to the production quota
How much would you be willing to pay for this security if he market interest rate is 6%? Suppose that you have just purchased the security, and suddenly the market interest rate falls to 5%. What is the security worth? Suppose that one year has elaps..
You are an economist in a company where you have recently got a new Chief Executive Officer (CEO) who is assigned to merge your company with other companies in the market. Give a mathematical expression for Total Revenue, Marginal Revenue, marginal c..
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