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Suppose In-N-Out burgers sells only burgers, and that P and Y are the price and quantity of burgers sold. In-N-Out revenues R are given by R=P.Y. Finally, suppose P grows at 1% and Y grows at 2%. Given this information you can say that revenues grow at
Pick an industry (personal computers, autos, etc.) and elucidate how it would function under market conditions of perfect competition, monopolistic competition, monopoly, and oligopoly. Of these, describe why you think one benefits consumers more ..
What are government's fiscal policy options for ending severe demand-pull inflation? Which of these fiscal options do you think might be favored by a person who wants to preserve the size of government? A person who thinks the public sector is too la..
Contract law requires proof that the offeree 'intended' to accept the offer. It is not an uncommon defense for the offeree to allege that she did not intend to accept the offer. How would an offeror prove that the offeree did was bound by the offer a..
q.assume the production function of the company isq 7v - 0.5v2where q is the production and v is the number of
Increasing the minimum wage will result in a decrease in employment for workers who now earn less than the new minimum wage.
Three years ago Maricopa County implemented a policy to tackle the problem of particulate matter in the air. The project/policy consisted in paving and compacting some of the roads the dairy industry uses for feeding the cattle and transporting the m..
Think about an advertisement (in any medium) that had either a strongly positive or strongly negative effect on your attitude toward the product being advertised or the advertiser itself. Why did the ad have this effect? If you responded positively t..
A key difference between accountants and economists is their different treatment of the cost of capital. Does this cause an accountants estimate of total costs to be higher or lower than an economists estimate? Explain. Kelly is a clerk and she earns..
Illustrate what happens to inflation is indeterminate; it could be either higher or lower than in the standard model.
Many students are surprised to learn that employees may be fired for any reason not expressly prohibited by the law. As we have seen, the law requires employers to accommodate a fairly wide range of employee behaviors and conditions. However, there a..
Question 1 Why would perfectly competitive industries advertise even though individual firms do not? Question 2 We could state correctly that the minimum characteristic necessary to distinguish among pricemaking firms is:
Suppose the government imposes an ad valorem tax on coal producers of 7% of the sale price. What is the competitive equilibrium in the absence of the tax? What is the competitive equilibrium with the ad valorem tax? What is the change in consumer sur..
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