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The gaming commission is introducing a new lottery game called Infinite Progress. The winner of the Infinite Progresso jackpot will receive $1000, at the end of January, $2000 at the end of February, $3000 at the end of March and so on up to $12,000 at the end of December. At the beginning of the next year, the sequence repeats starting at $1000 in January and ending at $12,000 in December. This annual sequence of payments repeats indefinitely. If the gaming commission expects to sell a minimum of 1 million tickets, what is the minimum price they can charge for the tickets to break even, assuming the commision earns 6%/year/month on its investments and there is exatly one winning ticket.
Describe who bears relatively more of the burden of the tax, producers or consumers and illustrate your answer with a diagram.
Analyze 1800 Flowers as an international company and write a paper using these things. Discuss the five major kinds of drivers of globalization as it applies to 1800 Flowers. Analyze the basic needs potential for the markets of 1800 Flowers. Analyze ..
Economists discuss that there is an efficient amount of pollution abatement. Why is the efficient amount of abatement unlikely to be either zero or 100 percent?
What do you think will happen to the price and quantity of DVDplayers. What is the difference between economies of scale and economies of scope? Provide examples for each of them (one example for each of them will be sufficient)?
Describe, using complete sentences, at least three specific features which your ideal bank would provide to you.
Identify the assumptions associated with a firm operating under perfect competition and what the implications of those assumptions mean for its short run and long run decisions? Explain why market power leads to market failure and how this can be cor..
Consider a firm with constant returns to scale production. Suppose that MC = 4. If all input prices double, what happens to MC? Draw the supply curve for the firm. How do profits respond to price?
Assume that labor demand for low-skilled workers in the United States is: w = 24 – 0.1E where E is the number of workers (in millions) and w is the hourly wage. Assume there are currently 120 million domestic U.S. low-skilled workers who supply labor..
Globalization has had a significant impact on the world economy and the economy of the United States. Using economic principles, describe how globalization has affected positively and negatively the economy of the United States.
Suppose that Jean is an unskilled worker who is making the market wage of $7 per hour and that the market for unskilled labor is competitive. Assume there is no minimum wage. If Jean could lobby the government, what position should she take regarding..
What is the monopolistically competitive price and equilibrium number of firms? What is the aggregate increase in profits for firms in the coalition?
St. Joseph's school has 1,200 students, each of whom currently pays $8,000 per year to attend. In addition to revenues from tuition, the school receives an appropriation from the church to sustain its activities. She suggests that another solution mi..
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