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Identify a product that you regularly consume, such as soft drinks or a particular snack food. Describe how your demand (consumption) will be impacted by a 25% price increase. Conversely, how will your demand (consumption) change if the price drops by 25%? Is your demand for this product elastic or inelastic? Explain why.
The equality of P and MC means the firm is achieving allocative efficiency since the industry is producing the amount of product that equates society's valuation of that product and the price of the product.
Elucidate what would be the budget request for FY13 for this effort.
Tyvex LLC produces professional quality color laser printers. The market for professional color laser printers is monopolistically competitive. Suppoe that the inverse demand curve faced by Tyvex
Assume that, from an initial consumer equilibrium position, the price of good X falls-explain how and why the consumer's relative consumption of two goods will change.
The US economy borrowed heavily from the British in the nineteenth century to build a railroad system. What was the principal debt instrument used? Why did this make both countries better off?
What would you give an example of a microeconomic decision you've made at work or home? What factors contributed to making that decision.
Assume that the exchange rate between the Canadian dollar and the Euro is 2 Euros per Canadian dollar.
Distinguish between explicit and implicit costs, giving examples of each. What are the explicit and implicit costs of attending college Why does the economist classify normal profit as a cost Is economic profit a cost of production
Keynes is famous for saying: "In the long run we are all dead". How long is the long run? How long are you willing to wait for inflation to ease or for unemployment to improve?
How do you calculate real growth per capita ? what is the formula?
First explain what the free rider is ?Then discuss how the problem applies to
Explain what is the Ricardian model for international trade. In your explanation
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