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Discussion Questions for "Blankets and Bedding" frombroadway economics
1.) Graphically show how an increase in the population affects price and quantity. How would a decrease impact price and quantity?
2.) What would have happened in this case if the shop owner had decided to restrict supply? Show graphically
Within the framework of production possibilities curve, discuss the pros and cons of alternative choice mechanisms with respect to the determination of price and output levels in an economy
Can the Farm produce 500 bushles of corn and 500 pounds of beef per year? Can the farm produce 800 bushels of corn and 1200 pounds of beef a year? What is the opportunity cost of the farm increasing beef production from 900 pounds to 1200 pounds per ..
a. How does an economist define allocative efficiency? What types of markets exhibit allocative efficiency?
Explain the reasons for their actions (why they pursued the policy they did). Also, explain why these religious wars proved so long and brutal.
Productive efficiency and allocative efficiency are two concepts achieved in the long run in a perfectly competitive market.
Sonya used to sell real estate and earn $25,000 a year, however now she sells greeting cards. Normal profit for the retailers of greeting cards is $14,000. Sonya utilized 4,000 of her savings to start her business.
Show that if people did not know which one of the identities {a, b, c} they were to have before they vote, if they regard any one of these three identities as equally likely and if they are concerned to maximise expected utility, then majority vot..
glucose levels in patients free of diabetes are assumed to follow a normal distribution with a mean of 120 and a
A firm has a fixed production cost of 5, 000 and a constant marginal cost of production of 500 per unit produced. What is the firms total cost function?
If the government places a price ceiling of $2 on milk, will there be a shortage or surplus of milk? How large will it be?
If the annual discount rate is 7 percent, what is the value of this growing annuity 4 years from now?
Compute the comparative statics of the equilibrium price and quantity with respect to income.
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