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Governments often claim that they impose high taxes on products like cigarettes because smoking is bad for your health. They claim that the high taxes are intended to discourage your consumption. Use your understanding of the elasticity of demand to dispute this claim, assuming that cigarettes have a very inelastic demand. Illustrate with a graph.
What is meant when a monopoly firm is described as a price maker? How is a price maker different from a price taker? Is a monopoly ever a price taker?
Find Total Revenue or profit
What happens to social welfare (the sum of consumer surplus and producer profit) as a result of the threat of entry in this market? What happens to equilibrium price? What might this imply about the role of potential competition in limiting market..
Derive the equation of the consumer's demand curve for x and with y on the vertical axis and x on the horizontal axis, draw a price-consumptioncurve when the price of x changes.
Determine the short run average variable cost and the marginal cost functions. Determine the output level that minimizes short run average variable costs
Please explain why international strategy is important. What is the difference between domestic and international strategic planning?
If the interest group theory applies to hospitals, explain why does not it also apply to nursing homes? Would a doctor owned, for profit hospital be as attractive to physicians as a nonprofit hospital?
Discuss and explain wage determination in a labor market in which workers are unorganized and many companies actively compete for the services of labor.
Explain the market equilibrating process in relation to your experience. Include academic research to support your ideas.
Use supply and demand analysis to describe why equilibrium price of apples will increase and the equilibrium quantity will fall if an excise tax is levied on apples.
Draw a correctly labeled loanable funds graph that shows what happens to real interest rates.
Labor is a resource that is necessary to produce many goods. "If the price of labor falls," says the economist, "the price of goods will soon follow." How does this work?
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