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1. Important information about Demand and Supply Curves
A ) Every demand curve must eventually hit the quantity axis because with limited incomes there is always a price so high that there is no demand for the good.
B) If the elasticity of demand for long-distance calls is 1.5 and the price of long- distance calls falls by 20 percent as a result of increased competition from the telecommunications bill that passed two years ago, households on average will spend less in the total on long distance service.
C) In 2003, an econometrics class at Boston University estimated that the demand for lobsters in the United States was approximately a straight line intersecting the price axis at $87 per pound and intersecting the X - axis at 110 million pounds per year. The demand curve is very elastic.
2. Illustrate the following with supply and/or demand curves:
A) a situation of excess labor supply ( unemployment) caused by a minimum wage law
B) the effect of a sharp increase in heating oil prices on the demand for insulation material
Lawn mowing services are supplied by a host of individuals in the suburb of Westbrook-Algebraically determine the equilibrium industry price/output combination.
Illustrate what is the price elasticity of demand. From the price elasticity elucidate the new rates be for 2009 if the demand increases at the same rate.
Expalin how the actions of a mine operator can spend $5 million to free a trapped miner.
An entrepreneur plans to convert a building she owns into a video-game arcade. Her main decision is how many games to purchase for the arcade.
Demonstrate that removing the subsidy will make consumers worse off but will nevertheless improve society's economic welfare.
Sailright Inc. makes and sells sailboards. Management believes that the price elasticity of demand
What is the profit-maximizing price and output? What is the total profit? What is the price elasticity of demand at the profit maximizing output?
As the number receiving the bonus vary from year to year due to the state of the economy.
Illustrate why is strategic interdependence important for the market structure of oligopolies. What happens in the market for oranges if there is a hurricane that destroys the orange crop.
Solve for the price and quantity that the monopolist would choose to maximize its profit under the more advanced technology. And also calculate the resulting profit.
P stands for price Pr stands for price of related good also N stands for per capita disposable income.
Fiscal policy also decrease the dollar like monetary policy.
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