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Respond to the following question and, if appropriate, include your personal experience or observations as part of your answer: Two weeks ago we talked about gasoline prices around town. What do you think about the market structure of retail gasoline? Is it close to perfect competition? Do gas stations have market power (ability to affect the prices they charge)? Most gasoline is sold by convenience stores, which also sell a wide variety of other products, such as breakfast tacos at Stripes. Do you see if businesses in that market behave according to the "theory of the firm" that you learned this week. You can make some observations from the gas stations near you. Explain. Keep in mind that your discussion should include the relevance of at least one economic/business concept from this or last week's chapters.
As purchases of high-tech equipment become an increasingly important part of total capital spending, and hence total GDP, do you think fluctuations.
Suppose the consumer has an expected utility preference with the utility function u(m) = v m. 4
A student is buying a new car. The car's price is $16,500, the sales tax is 8%, and the title, license, and registration fee is $450 to be paid in cash.
If, at age 25, you open an IRA account paying 10 percent annual interest and you put $2000 in at the end of each year, what will be your balance at age 65?
What does the law of large numbers state?
How many total trips can Jordan take if she takes the train three times? Suppose Jordan's travel budget is cut to $360. Draw her new budget constraint.
Calculate the slope of the demand curve using data in the table/graph. Calculate the slope of the supply curve using data in the table/graph.
Birth of Pixar: The short, happy tale of Pixar began when John Lasseter left Walt Disney studios in 1984 to join Lucasfilm, Ltd.
1) Does an expectation of a stronger exchange rate in the future affect the exchange rate in the present? If so, how?
Now assume the Örm is currently using 6 units of capital and 5 units of labor. What are the marginal products of K and L in this case?
You read in the Friday newspaper that consumers have a linear demand for coffee mugs, wanting 50 coffee mugs at a price of $5/mug and 70 mugs at a price of $3/mug. What is the new market demand equation for coffee mugs
After Iraq invaded Kuwait gasoline prices rose dramatically – up to 50%. These were many effects of the increased price of gasoline.
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