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1. Which economic system is best suited for handling a crisis of epic proportion (hurricane, flood, blizzard, forest fire, and so forth)? Why?
2. 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.
3. Use the laws of supply and demand to explain why the cost to heat our homes and businesses goes up in the winter time.
What is adverse selection? How does it harm the economic process and what is moral hazard? What are its consequences
Determine the total tax collected by the government on widgets. How much of this tax is paid by consumers? by producers? Show all calculations and explain your work.
Consider a firm with total short-run cost function C=a+b.Q. New legislation means that it should pay an environmental tax which is the fixed sum, independent of whether it produces any output.
a. What are your views regarding economic forecasting? In particular, share any experiences you may have had with business forecasts for company budgets. b. Discuss some of the important criticisms of the forecasting.
What output will an individual firm be restricted if this price is to be maintained (assume all firms are permitted to produce the same level of output)?
Illustrate with a diagram and explain the short-run perfectively competitive equilibrium for both (i) the individual firm and (ii) the industry
Potato chip industry in Northwest was competitively structured and in long run competitive equilibrium; companies were receiving a normal rate of return and were competing in a monopolistically competitive market structure.
College education provides higher income for the individual, but also a more productive and more educated person who will contribute to society in many ways. Carbon dioxide emissions are thought to contribute to global warming, and there is concer..
What is the profit-maximizing P in the case that Godzilla and Macrosoft merge
Does microeconomics apply to every nation in the world. Explain your reasoning. and explain the specifics of any cases or examples you use and the implications of similar on local citizens of that country.
Suppose you bought a ticket to a football game for $30 and that you place a $35 value on seeing the game. If you lose the ticket, then what is the maximum price you should pay for another ticket?
The details about three identical firms operating in Cournot competition are given. The demand curve with marginal revenue, profit maximization, optimum quantity, total demand and market price related questions are answered.
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