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The Key West Parrot Shop has a monopoly on the sale of parrot souvenir caps in Key West.
The inverse demand curve for caps is P = 30 - 0.4Q, where P is the price of a cap and Q is the number of caps sold per hour.
Thus, the MR = ____________
The Parrot Shop is the only employer in town and faces an hourly supply of labor given by
w = 0.9E + 5, where w is the hourly wage rate and E is the number of workers hired each hour.
Therefore, the MCE = ____________
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Here is a copy of Table 10.1 from the textbook. This table describes some of the fundamental elements of the four major market models:
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In a sample of 49 children selected randomly from one town, it is found that 8 of them suffer from asthma, Find the P-value for a test of the claim
Hamlet will trade two pizzas for one six-pack for beer and be equally happy. At the same time, Ophelia will gladly exchange two of her six-packs for six pizzas. Is the allocation of beer and pizza Pareto efficient? Illustrate using an, Edge worth Box..
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