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Caviar and champagne are complements. Suppose you read that pollutants in rivers are negatively affecting the sturgeon that live in these waters. The result is that the sturgeon are laying fewer eggs than before
a. Explain the effects on the market for caviar. What do you expect will happen to the price and equilibrium quantity of caviar? (Use the concepts of demand and/or supply in your answer and explain your shift or shifts in words.)
b. Explain the effects on the the market for champagne. What do you expect will happen to the price and equilibrium quantity of champagne? (Use the concepts of demand and/or supply in your answer and explain your shift or shifts in words.)
The supply curve of a firm in the long run, is:
When calculating price elasticity of demand, if the percentage change in price is negative, then the percentage change in quantity demanded is typically:
In December 1994, a man in Ohio decided to deposit all of the 8 million pennies he had been saving for nearly 65 years. (His deposit weighed over 48,000 pounds!) With a reserve requirement of 5 percent, how did his deposit change the lending capacity..
The settlement requires KopyKat to pay the employee $10,000 per month for the next year. Determine the optimal price and output for the firm under these new conditions.
What is the origin of both consumer surplus and producer surplus? How do properly functioning markets maximize consumer and producer surplus.
Suppose the costs of an environmental pollution-control program are expected to be equal to $1000 per year, and that benefits will be $600 for 20 years, then $2500 thereafter. What would be the net benefits of this program if the discount rate is 1%,..
q.suppose that there is a unit mass of consumers who are uniformly distributed on the segment01. two firms are located
A monopolist faces a market demand curve given by: Q = 70 – P. This monopolist perfectly price discriminates among its customers. If the monopolist can produce at constant average and marginal costs of AC = MC = 6, the monopolist’s profits are equal ..
Suppose a linear demand function is estimated for good x as, Qd = 100 – 4*Px + 6*Py + M. where Px = $4, Py = $2, and M =10. M is the average income of consumers, measured in thousands of dollars. Suppose the end of the recession has increased the ave..
A bond that matures in 19 years has a ?$1,000 par value. The annual coupon interest rate is 12 percent and the? market's required yield to maturity on a? comparable-risk bond is 14 percent. What would be the value of this bond if it paid interest? an..
Chris works at student services proctoring exams. This is Chris’ only source of income. Chris is paid $10 per hour. Chris is allowed to choose how many hours per week she works, as long as it is between 0 and 15. Graph, on a well labeled graph, Chris..
What are soft laws? What are the advantages and disadvantages of soft laws? Why are soft laws sometimes the outcome of negotiations on global environmental regimes?
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