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Name other examples of agricultural products that have attempted to differentiate themselves.
How have they differentiated their product?
Calculate the change in deadweight loss if the U.S. replaces a prohibitive tariff per unit on imported wine by an equal production subsidy per unit of wine sold by U.S. producers.
How does an increase in disposable income affect the consumption function? How does an increase in expected future income affect the consumption function?
Pharmaceutical drugs have an inelastic demand, and computers have an elastic demand. Suppose that technological advance doubles the supply of both products (that is, the quantity supplied at each price is twice what it was).
One additional advantage Microsoft has is its ability to create a variety of Vista products, some of which have more features than others. Does it make sense for Microsoft to differentiate its product into basic and ultimate Vista editions
Assume that the government decreases spending by one hundred billion dollar. What happens to aggregate demand and discuss the differences between fixed and variable taxes.
GDP does not include the value of used goods that are resold. Why would including such transactions make GDP a less informative measure of economic well-being
An economy is initially in long-run equilibrium. The introduction of an electronic payments system dramatically reduces the demand for money in the economy. a. What is the short-run impact on prices and output of the new system
Define and explain the relationship between total revenue, average revenue, and marginal revenue for a monopolist. What is monopoly profit Should a monopolist produce quantities of product greater than which would maximize profiits
What is your price elasticity of demand for gasoline and why How important is fuel efficiency to you (particularly if you have purchased a car in the past three or four years) Do your driving habits change as the price of gasoline changes
Is the main outcome of economics (high standard of living) the only relevant question in the realm of economic analysis? Do you agree? Is quality of life also significant?
The average 15-year old purchases 12 CDs and 15 cheese pizzas in the typical year. If cheese pizzas are inferior goods, would the average 15-year old be indifferent between receiving the $30 gift certificate at local music store and $30 in cash?
Southern Oil Company produces two grades of gasoline: regular and premium. The profit contributions are $0.30 per gallon for regular gasoline and .50 per gallon for premium gasoline.
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