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Assume that the gold-mining industry is perfectly competitive. Using a graph of the Representative Firm and a corresponding graph of the Market, illustrate a representative gold mine earning normal economics profits and illustrate equilibrium in the overall gold market. Indicate the equilibrium prices and quantities in both graphs. Now assume an increase in the demand for jewelry causes a surge in the demand for gold. Using your diagrams, show what happens in the short-run to the gold market and to the representative gold mine. Label your graphs so I can tell what happens in sequence. Explain. Specifically, are individual firms earning positive, negative, or zero economics profits? Indicate your answer on your graph. In word, explain what happens in the long-run. Why?
Totally he received an offer for $66000. What is your opinion of the owner's decisions
Governor Brown, from the state of Taxafornia, wants to increase sales taxes to bring in badly needed revenue to support state operations. He is looking at taxing various goods and services. Will the state tax revenue be great..
Use Internet, and other sources of literature and locate an article concerning trends in consumption patterns.
Assume the basis for the trends in consumption patterns as discussed in the article. Discuss what has occurred to change the demand for, or the supply.
Carrie needs to accumulate $40,000 to make a down payment on a house at the end of four years.
Illustrate what is the difference between a movement along and shift of the demand curve. Show the impact on the equilibrium price and quantity that results.
Suppose the consumer/worker values two things: a consumption good C and leisure L. Suppose that there are 24 hours in a day and the consumer/worker has a utility function U (C, L) = ln C + L The price of consumption is P and the wage rate is w: Yo..
Interpret what a score of 90% would mean for the four-firm concentration ratio. What are the shortcomings of concentration ratios as measures of monopoly or oligopoly power. What is the meaning of a four-firm concentration ratio.
Drugs 'R Us operates a mail order pharmaceutical business on West Coast. The company receives an average of $325,000 in payments a day.
Compute the point price elasticity of demand for bearing grease.
Economists are in almost universal agreement that Free Trade is good for all countries. Explain why are they in such universal agreement.
The textbook provides three techniques that not-for-profit organizations use to deal with the free-rider problem. Create two additional techniques that these organizations can use to encourage contributions from consumers.
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