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Question: Using the supply schedule explain the following using economic terms. Price Supply 1 Supply 2 $2 3 0 $3 9 5 $5 18 16 $8 29 25 $11 42 38 • What is the relationship between price and supply (whether it is Supply 1 or Supply 2)? • What happens to supply when the price of the good is changed from $8 to $3?
• What happens to supply when the price of the good is changed from $5 to $11?
• What might cause supply to change from Demand 1 to Demand 2? Explain your answer.
• How elastic is the good shown in the schedule? How do you know?
A natural monopolist has a cost structure C(q) = 400 + 25q and faces market demand D(p) = 200 - 2p. Solve for the monopolist's profit, output, and consumer surplus when price is set to average cost.
Why did the U.S. Congress establish the Federal Reserve as an independent agency?
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Calculate the price of elasticity of demand for paint and show your calculations. decide whether the demand for paint is elastic,unitary elastic, or inelastic. explain your reasoning and interpret your results.
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discuss how they may be exemplifying the concept of the post-investment holdup, in addition to other economic concepts, such as sunk and stranded costs.
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When entrepreneurs are investing their own money, how do they decide which projects they should undertake? When political decision-makers allocate the funds of others (taxpayers), how do they decide which projects to support? Explain.
China's entry into the World Trade Organization (WTO) in 2001 created more competition between local and foreign firms, and also provided China greater access to the market for exports. What impact do you think the import quota reduction likely had o..
A firm sells its product in a perfectly competitive market where other firms charge a price of $80 per unit. The firm’s total costs are C(Q) = 50 + 12Q + 2Q2. How much output should the firm produce in the short run? What price should the firm charge..
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