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Explain how the long run differs from the short run in pure competition. How does a generic drug differ from its brand?name, previously patented equivalent? Explain why the price of a brand?name drug typically declines when an equivalent generic drug becomes available? Explain how that drop in price affects allocative efficiency.
The demand for lumber, like that for carpenters, is a derived demand-derived from lumber demand in its many uses, particularly housing. When the demand for new housing increases, so does the demand for lumber. For example, as the U.S. economy reco..
Compute the marginal profit function and what is the profit maximizing price, what is the market demand function and what is each firm's supply function?
The employees of Abs "R" Us, which includes 12 fitness parlors in and around the metro area, feel they can improve the performance of the company.
Assume that a simple society has economy with only one resource, labor. Labor can be employed to produce only two commodities- X, a necessity good (food) and Y, a luxury good ( music and entertainment). Assume the economy produced at a point inside..
What fiscal and monetary policies are appropriate at this time pertaining to the Affordable Care Act? What monetary and fiscal policies are appropriate during this government shut down, or what will be necessary immediately following the shut dow..
International trade has pros and cons. Economists generally support free trade. International trade has played a significant part in promoting economic development and technology transfer among countries. There are also various arguments in favor ..
Add an indifference curve to your graph and label the point of consumer equilibrium. Indicate Chris's consumption level of A and B. Explain why this is a consumer equilibrium. What can you say about Chris's total utility at this equilibrium?
Draw a network that depicts the company's distribution network. Identify the supply nodes, transshipment notes, and demand nodes on the network.
The hair stylist, LTD., is popular-priced hairstyling salon in College Park, Maryland. Given large number of competitors, the fact that stylist routinely tailor services to meet customer needs, and the lack of entry barriers, it is reasonable to s..
Our economy is currently in recession so let's discuss how discretionary Fiscal Policy can help the situation. Please explain why tax cuts may be needed now and why we see budget deficits going up during the recession. What is the 'Crowding Out' e..
Find out the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling of $30 is imposed in this market. Also determine the full economic price paid by consumers.
Give an example of how you would use this information to set the price for your product in the market place and explain one factor in detail about how shifting demand and supply curves makes market demand estimation difficult
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