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An eccentric scientist invent gadget and makes huge profits. Unfortunately, he is so preoccupied with his newly found fame and fortune that he forgot to secure a patent for his special product. a. What can be expected to happen to the supply of the gadget? b. What can be expected to happen to the price and the demand of the gadget?
Calculate the trade balance among the U.S. also China for the period. Analysis by using appropriate examples.
From the e-Activity, assess how business leaders use managerial economics to make business decisions indicating how profits may be impacted.
Elasticity shows the responsiveness of supply or demand to changes in price. What are the factors exerting influence on price elasticities of supply and demand? Think of another good that you have purchased recently (or you could continue with the go..
What is the marginal revenue of a firm that sells a product at the price of $15 and the price elasticity of demand for the product is -2? What is the price elasticity of demand of a firm that sells a product for $20 and marginal revenue is $12?
Suppose that a country that has a high level of output per person agrees to trade with a country that has a low level of output per person. Which country can benefit?
Explain why if there is no formal or informal collusion in an oligopoly market firms are more likely to match a price cut by an individual firm than they are to match a price increase? If firms in an oligopoly do indeed behave in this way (matching..
You are organizing a rock concert to benefit Amnesty International. The concert is to be held in a football stadium that has a seating capacity of 56,000. There are two types of seating: reserved and general.
Since its introduction during World War II as a measure of wartime production capacity, the Gross National Product (GNP), now routinely measured as Gross Domestic Product (GDP), has become the nation's foremost indicator of economic progress. It is n..
The average fixed cost curve always has a negative slope because
Find the equilibrium price also quantity, then find elasticity of demand. Which should the federal government consider when evaluating the rising cost of college.
One firm has been contracted by a government agency to provide job training services to low income individuals. The marginal cost curve of the firm is MC=5+0.5Q There are no fixed costs. Firm 1 provides 120 hours of training services each week. What ..
If this price floor is implemented, how many units of pork will the government are forced to buy to keep the price at $2.25.
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