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Choose an article in a newspaper or magazine that discusses a United States government policy on goods or services. Analyze the conditions:
Summarize the article using at least three economic terms and theories covered in class.Identify the impact of the policy on Demand or Supply of the good(s) or service(s). Discuss the change(s).Make a supply and demand graph to describe this change. Be sure to label your graph and clearly indicate the change of the curve.
A refuse recycling operation is considering installing some additional magnetic sorting equipment which will protect the processing equipment from damage. Three alternative systems have been identified, each of which is estimated to save the compa..
Assume the following was overheard at the water cooler: "I think our medical device company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs."
Explain the circumstances in which a monopolist may encounter a free rider problem and determine the senses in which a perfectly-discriminating monopolist is efficient or inefficient.
In the aftermath of September 11 terrorist attacks, the quantity of sold airline tickets in 2002 fell by a large percentage when compared to 2001. During the same time period the average price for airling tickets also fell.
Since a monopoly is the only source of supply, customers are entirely at its mercy. There is no limit to the price the monopoly can charge.
Suppose the market shares of the six largest firms in the industry are 12 percent each. Compute the six-firm concentration ratio and Herfindahl-Hirschman index for this industry.
What incentives does a capitates physician have to keep his patients happy? What incentive does an FFS physician have?
Because agricultural demand is inelastic, a technological advance which lowers production costs will reduce total revenue. Thus, farmers have no incentive to introduce such a technique.
How would you know demand has increased? (What is the first piece of information which would lead you to conclude that demand has increased?)
Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..
Derive the firm's supply curve, expressing quantity as a function of price. Determine the market supply curve if North Carolina Textiles is one of 1,000 competitors. Compute market supply per day at a market price of $47 per unit.
Suppose a firm in the short run under perfect competition with P=250, TC=1,000 + 100Q + 2.5Q^2 , and MC=10+5Q-Find out the level of output that the firm needs to produce to maximize profits?
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