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Suppose that with 400 patients per year, the SAFC, SATC, and SMC of the operating a physician clinic are $10, $35, and $30 per patient, respectively. Furthermore, suppose the physician decides to increase the annual patient load by one more patient. Using short-term cost theory, explain the impact of this additional patient on the SAVC and SATC. Do they increase or decrease? Why?
If profit regulation is used to control a natural monopolist, the monopolist is likely to
Fidelity Life Insurance has a document imaging system that needs replacement. A local salesperson quoted a cost of $10, 000 with an estimated salvage of $900 after 5 or more years. If the system is expected to save $1700 per year in clerical time, fi..
What would happen to the demand curve if the major taxi companies lowered their prices? If you were asked to forecast future demand for this firm, how would you set up a forecasting model?
The law of supply states that, holding all else constant, as the price of a good increases:
Does disposable income measure the before-tax income received by resource suppliers
All European countries experience an economic expansion, raising incomes in each of the European countries. The government decides to decrease the amount it spends on the military.
Suppose the labour market in the house cleaning industry in Quebec City can be described by the following demand and supply equations: LD = 400 - 10w and LS = 40 + 20w. Calculate the equilibrium wage and employment if the market is free. Draw a graph..
Policymakers often use taxes to raise revenue for public purposes and to influence market outcomes. For example, the goal of the sugary drink tax is to reduce obesity and encourage healthy eating. how must the elasticity of the demand curve and the e..
Working as part of an EPA team, your assignment is to give a clear, objective presentation of a market-based approach to reduce nonpoint source pollution. Include in your discussion the theoretical issues and any practical issues that must be address..
Most hospitals in Great Britain are owned by the government (part of the National Health Service), and the doctors who work in them are employees of the hospital. In what ways do you think their behavior would differ from comparable doctors in a not-..
Consider the following firm with the production function Q=F(L)=2L^1/2. L=labor. Wage w=12. Fixed costs are FC=500(sunk cost). Derive the short run cost function. Graph this function using excel.
What does the price elasticity of demand, substitutability, Monopoly have to do with the high and rising costs of Academic textbooks and medical care? Why might the presence of medical insurance cause consumers to use more medical care than necessary..
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