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Distinguish between Positive Economics and Normative Economics. GIVE EXAMPLES.
Assume we have a market for sodas with Demand downward sloping and Supply upward sloping where the current equilibrium price is $1.25 per can. Now assume that the government imposes a tax of $0.50 per each can sold where the seller must give $0.50 to..
How many autos will Ford want to produce in its new Kansas City plant? Ford announced that it plans to invest $400 million over the next two years in its auto manufacturing plant in Kansas City as it prepares to build a new behicle there. the $400 mi..
Solar Thermal Energy, rooftop solar water heaters can provide hot water during most of the year and space heating during the winter. Which tilt angle would work best for both applications? Would this be practical as opposed to mounting the panels at ..
"How has technology changed the purchasing and selling behavior?" what happened to your purchasing behavior once you adopted your smart phone, are you being more smartphonic in buying or selling items online.
Describe an aspect of reality whose relevance is not, in your opinion, suitably captured by the aforementioned topic; discuss how the treatment of the topic.
Assume the government now imposes a (binding) maximum legal price for physician office visits (i.e. a price ceiling on the physician office visits). Under what condition would such a policy make a difference in the market (i.e. cause a market distort..
An executive from a large merchandising firm has called your vice president for production to get a price quote for an additional 100 units of a given product. The vice president has asked you to prepare a cost estimate. The number of hours required ..
The relationship between income, savings, and consumption is directly related to the price level in the economy. Your research has shown that for every additional dollar of disposable income, consumers currently spend $0.75 and save the rest. Assumin..
Suppose there are two groups, a high price group and a low price group. Assume the monopoly has no fixed costs such that operating with a loss corresponds to operating where revenue is less than variable production costs. Also assume that if the mono..
In granting (or prohibiting) proposed acquisitions or mergers in an industry, government regulators consider a number of factors, including the acquisition’s effect on concentration, ease of entry into the market, extent of ongoing price competition,..
The founding of Guthrie in Oklahoma territory illustrated which pattern of settlement in the West?
If a firm’s short-run average total cost function and its short run variable cost function satisfy: SAC(200, w, r, K) = 16, SAVC(200, w, r, K) = 12, SAVC(400, w, r, K) = 16, at a specific wage w, a specific rental rate r, and specific fixed capital l..
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