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Use the supply and demand diagram to explain the impact on at least two other markets affected by the butter shortage and where the equilibrium outcomes are different. In your discussion specify your assumptions and explain the equilibrating process in the related market(s) in terms of the new equilibrium output and price and how they differ.
What is the profit-maximizing rate of output for the firm?( b ) How much profit does the firm earn at that rate of output?
Find Q*, P*, consumer surplus, producer surplus, and total variable costs. Make a graph and label it. What is the elasticity of supply at the solution point? What is the elasticity of demand?
The demand for good X has been estimated by Q xd = 12 - 3Px + 4Py. Suppose that good X sells at $2 per unit and good Y sells for $1 per unit. Calculate the own price elasticity.
The Lorenz curve is criticized for all of the following EXCEPT
Verify all values and quantities computed in the discussion. Now suppose that intermediaries come from a competitive market with an equilibrium price of $8 per unit for their services,
Which of the following best describes the opportunity cost of one year of college?
Calculate firm 1's profit-maximizing output and profits in the absence of potential competition and calculate the output and profits of both firms in case firm 1 accommodates entry.
Suppose the candle manufacturing industry is organized as a perfectly competitive market i.e. it consists of many firms with identical cost structures. A single firm's long-run average total cost function is “U” shaped and minimized at an output of q..
Draw a Production Possibility Frontier for the production of hamburgers and milkshakes at a hamburger restaurant.
Find two or more articles in the Wall Street Journal or other business publications that describe changes in fiscal and monetary policies in the United States. Write a five- to six-page paper answering the following regarding policy changes that are ..
Identify the characteristics of a monopolistically competitvely market and an ologopolistic market. Discuss how these characteristics change the perfectly competitive graphs. Does the process for deciding on the optimal price and quantity change?
What is the natural rate of unemployment? Why might θ increase in this way? What will the inflation rate be in years t+5, t+6, and t+7.
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