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Q1. Tom and Jack are the only two local gas stations. Although they have different constant marginal costs, they both survive continued competition." Tom and Jack do not constitute.
Q2. What are price indexes designed to measure? Outline how they are construed. When GDP and other and other income figures are compared across time periods.
Q3. Habitat for an endangered sea bird called a plover that inhabits only this stretch of beach. From a CV study you know that US citizens are WTP $1,500,000/yr to preserve the plover. Based on your analysis, and your understanding of the usefulness and limitations of these benefit analyses, do you conclude that protecting the plover is efficient?
By what percentage would GDP be boosted if the value of the services of stay-at-home spouses were included in GDP
Explain each of the following using supply and demand diagrams, With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.
Assume that during the last month of the tenth year of ownership, the property in Problem 2 is sold for 1,500,000. Assume also that the seller incurs transaction costs equalling 6 % of the sales price.
If most businesses in an industry are earning a 13 percent rate of return on their assets, but your firm is earning 23 percent what is your rate of economic profit
Describe the difference between Economic contraction and Economic expansion
The overall effectiveness of the organ procurement system in the United States. What are its strengths and weaknesses.
Flora's Flowers operates in a perfectly competitive market. At the point where marginal cost equals marginal revenue.
Why all the balance of payments accounts be in surplus. What factors determine the demand for British pounds in foreign exchange markets.
Illustrate and explain the movement of the aggregate demand and aggregate supply curve both in the short and long run.
The impossible trinity refers to the idea that a country can simultaneously pursue only two of the three following policies: free international-capital flows, monetary policy for domestic stabilization, and a fixed exchange rate.
If one draws MC curves pre and post innovation as well as the Marginal Revenue line for a monopoly and the MR in a competitive situation.
Suppose the point of tangency that characterizes long-run equilibrium for a monopolistically competitive firm occurs at Q1 units of output.
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