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Most commercial fish species in nearly every ocean and sea are being rapidly depleted in what marine biologists and other specialists warn is evolving into one of the worst ecological disasters of modern times. According to the United Nations, the worlds
15 million fishermen and 23 million tons of fishing vessels represent twice as much fishing power as major stocks of fish can sustain.
Assume that ocean fishing resembles a competitive market in the following ways...there are no significant barriers to entry and there are enough individual fishermen so that none of them can affect the market price of fish.
a) Explain why competitive markets normally lead profit maximizing firms to make choices about resource use that lead to an "efficient" allocation of resources to the market?
Assume 200 videotapes are rented when the price is $4. If the price drops by $.80, the number of videotapes rented increases to 220. Which of the following statements about the non-arc price elasticity of demand is true.
Two similar surgeries, breast reconstruction and breast augmentation, have different prices. Breast augmentation is cosmetic surgery not covered by health insurance. Patients who want the surgery must pay for it themselves.
Explain gambling from a risk-return perspective and from a Christian worldview. What is wrong (from a Biblical viewpoint) with gambling if consumers want it? Is price-discrimination always wrong? Under what conditions might it be ethically allowable?
Suppose life is discovered on Mars and that it turns out to be quite sophisticated. In fact, perfect competition prevails everywhere on the planet. Which of the following characteristics of Martian firms are we likely to observe.
draw the indifference curve for someone deciding how to allocate time between work and leisure. suppose the wage increases. is it possible that the person's consumption would fall? is this plausible?
q.pure pool services provide weekly pool maintenance in beverly hills. dozens of firms provide this service. the
In the United States, marketing cooperatives are most commonly found in the agriculture industry. According to the total revenue rule, if the coefficient of price elasticity of demand is less than 1 and if price goes. If the coefficient of elasticity..
Calculate the following: Rate of Return and Calculate the following: Net Present Value Index
Assuming that all of each firm's $16 fixed cost is sunk, what is a firm's short-run supply curve?. What is the short-run market supply curve? c. Determine the short-run equilibrium price and quantity in this industry.
q. a county is considering using a piece of park land for one of two alternative recreation projects. project s would
Using diagrams for aggregate expenditures (AE) and aggregate demand and supply (AD-AS), show the short run effects each of the following scenarios has on the relevant economy. Be sure to identify the cause of any shift or movement along AE, AD, and/o..
Discuss which key concepts and topics in this course have made you a stronger candidate to enter the business world.
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