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Gasoline prices typically rise during the summer, a time of heavy tourist traffic. A “street talk” feature on a radio station sought tourist reaction to higher gasoline prices. Here was one response: “I don’t like ’em [the higher prices] much. I think the gas companies just use any excuse to jack up prices, and they’re doing it again now.” How does this tourist’s perspective differ from that of economists who use the model of demand and supply?
Discuss possible hold-up problems, importance of long term contracts, and possibility of underinvestment in labor that might occur under such compensation schemes.
What will be his economic profit. How much consumer surplus is generated each day at this price. Illustrate what is the socially efficient number of portraits.
What is the primary reason that economists view monopolies as a problem? Is this different than you would have expected? What methods are available to mitigate the impact of monopolies? Does being a monopolist guarantee a profit for the firm? Can you..
Which of the following represents the consensus among most economists today with respect to the management of unemployment?
A flat tax plan allows individuals to deduct a standard allowance of $10,000 from their wages. Assume that the flat tax rate is 12%. Calculate the amount of income tax and the average tax rate if you were earning.
How will an increase in the savings rate affect the growth rate of per capita output in an endogenous growth model?
Show your budget constraint and your optimum point. Do you now work more or less than 10 hours? Does the government collect more or less revenue than before?
Different market structures are prevailing in ourdifferent sectors like agriculture, power supply, transport industry, cement industry,restaurants, etc. Analyze and compare the characteristics of all marketstructure with respect to the given secto..
What is the cost function associated with producing y units of output? Assume now that input prices are (w1,w2). What is the cost function associated with producing y units of output?
What happens to the profits of boat makers in short run. Illustrate what happens to the number of boat makers in the long run.
Discuss the social and economic effects of colonization? How did it contribute the “Price revolution”? What were the main tenets of bullionism/mercantilism? What policies and events combined to bring an end to the Spanish hegemony?
Profits for Firm 1 have risen from $256 to $288, while profits of Firm 2 have declined sharply from $256 to $144. B. How much will each firm produce and what will its profit be.
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