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Monopoly and equilibrium
a. Taylor gets smart and realizes that she is the only pie shop around. Calculate the marginal revenue she gets for each additional slice as the change in total revenue (price times sales). Graph this and give the new quantity of sales and the new price.
Shade in the entire area of consumer surplus on your monopoly graph. Shade in the entire area of producer surplus.
Calculate total consumer and total producer surplus under the monopoly situation.
Compare the sum of consumer and producer surplus for the monopoly with the results for perfect competition. Which is better for consumers? Which is better for producers? Which is better for society? Explain.
Suppose the government decides to raise the gasoline tax as a way of reducing air pollution and traffic congestion to their optimal levels. Which of the following describes why Pigovian taxes, such as gasoline tax, are unlike most other taxes?
After the aggregate demand decreases in part “a” above, what kind of a demand-management policy would a typical liberal economist propose, an active policy or do nothing? How about a conservative economist? What justifications would they provide for ..
A teacher invests $5,000 at the end of every year for a 30-year career. If this teacher wants to have $1,000,000 in savings at retirement, what interest rate must the investment earn?
When the average product is decreasing, then marginal product
If the price of a slice of pizza at a local pizzeria is $5.00 and the quantity demanded at this price is 50 slices. What is the price elasticity of demand for pizza if, when the price is increased to $5.50, the quantity demanded for pizza slices fall..
Interview a small business owner and ask him or her about both the positive and the negative role of government in their business. Write a 2 page summary of your interview and include the questions you asked.
Describe political and social impacts of this association. Are regional trade associations beneficial for global economy. For members of association.
A sample of human resource executives was asked how their company planned to change their work force over the next 12 months. a categorical response variable showed 3 options: add employees, no change, lay off employees.
The interest rate affects the investment patterns in the economy. A friend of yours suggests a get-rich-quick scheme: Borrow from the nation with the lower nominal interest rate, invest in the nation with the higher nominal interest rate, and profit ..
Cara has available h = 3000 hours per year for participating in the labor market and for leisure. She gets a wage w = $18 for the first 2,000 hours of work. If she works more than that, the wage on the additional hours is increased by 50%. She receiv..
Angus works as a dairy farmer and loves his work. Because the dairy business hasn\'t been doing well lately, Angus is considering changing careers. He could work as a technician at the local dairy plant, and earn $27,000 a year. Angus decides to make..
Explain what is meant by stragetic planning. How does the SWOT analysis and the "mission statemaent" fit in the strategic plan?
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