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The Price of Haircuts. The haircutting industry in your city uses a tiny fraction of the electricity, scissors, and commercial space available on the market. In addition, the industry employs only about 100 of the 50,000 people who could cut hair.
a. Draw a long-run supply curve for haircutting in your city.
b. Suppose the initial equilibrium price of haircuts is $12. Draw demand and supply graphs to show the short-run and long-run effects
These multiple choice problems belong to Economics. The first problem is about calculating the average variable cost of a firm and the second problem is about price being greater than average variable cost and the steps taken by profit maximizing ..
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Mick and Kelly are deciding how to split their time between writing music and lyrics for their new album. Their PPFs for 72 hours of work are shown below. . Mick and Kelly have to write music for 8 songs and lyrics for 12 songs (4 songs already h..
consider a monopolist with the following demand function q 60 - 0.667pa. graph the demand and mr lines. what is
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An oligopoly is a market
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A valid deed does not need to include which of the following?
What does your anticipated adjustment process imply about the CR for the construction industry?
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Suppose that at the bundle (X1*,X2*) the consumer is maximizing his utility subject to his budget constraint and the price ratio exceeds the absolute value of his marginal rate of substitution. Use a graph to illustrate this consumer's optimal choice..
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