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A. Suppose that the market for the services of hookah bars is in long-run equilibrium. Then two events occur: (1) more cities end regulations that had generated fixed costs for hookah bars, and (2) many nonstudent adults discover previously unknown preferences for the services of hookah bars. Use diagrams to trace through the short-run effects on the market price of hookah-bar services, the marginal revenue and marginal cost of these services at a typical hookah bar, and the equilibrium quantity of services provided both by a typical hookah bar and by the hookah-bar industry.
B. Redraw your diagrams showing the situation at the conclusion of your answer to part (a). Use these new diagrams to explain the long-run adjustments that will take place in this industry.
1. Suppose the government imposes a tariff on all imports. Use the DD-AA model to an- alyze the effects this measure would have on the economy. Analyze both temporary and permanent tariffs. 2-Suppose there is a permanent fall in private aggregate ..
Purpose of this course is to improve your economic decision making and increase your productivity as an employee or entrepreneur.
Despite the empirical evidence to the contrary, college decision-makers often believe that their price elasticity of demand is essentially zero. Is that right How important were price considerations in making your college decision Would a change o..
Intermediate microeconomics- Find the production possibilities frontier for the Rancher. Define marginal rate of transformation. What is the marginal rate of transformation of meat for potatoes for the rancher?
Draw the total market demand curve. Label the axes and intercepts. Discuss how the price elasticity of demand changes along the demand curve.
Starting with the estimated demand function for Chevrolets given in Problem 2, assume that the average value of the independent variables changes to N=225 million, I =$12,000, P= $10,000 P= 100 cents, A=$250,000 and P=O
Describe and explain why a socialist system might be the best in responding to the needs of people struck by an emergency situation like the earthquake that occurred in Haiti in January 2010.
Write a grant proposal aimed at receiving funding for a programme that you expect to run in anarea (village) of a developing country of your choice.
Monopolies are price makers and as such should be able to set price where they will make a profit. Is this statement true? Why or why not?
A country is described by the Solow Model with a production function y = k1/2 where y is output per worker and k is capital per worker. Now suppose that the fraction of output invested (or saved) is 50%.
The demand-supply market models (for each market below) to graphically illustrate and explain the following scenarios (in the short run). Identify for each scenario what the effects on price and quantity are likely to be. State your assumptions.
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?
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