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1. Describe the connections between opportunity cost and the production possibilities frontier?
2. What is the relationship between bowed out shape of production possibilities frontier and increasing opportunity cost of the good as more of it is produced?
3. When economists state that the opportunity cost of a product increases as more of it is produced, what do they mean?
Find out if, for the good marked with ALL CAP lettering, if there is the increase or decrease in demand.
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution.
If the goal of the transit authority was to maximize total revenues, what is the new price it should set? Also, what would the total revenue raised in this new price scheme?
What is the profit-maximizing level of output of master cream (in bottles)? What is the profit-maximizing price? What is the maximum level of profit?
Compute the equilibrium price and quantity. Describe why the output and price levels are different for X1 and X2. Explain what occurs to consumer surplus, producer surplus, and deadweight loss.
What are the pros and cons of conducting an experimental versus an observational study? What are examples of these studies? Can both types of studies be used for all projects?
Demand for a managerial economics text is given by Q=20,000-300P. The book is initially priced at $30.00. Write the demand equation for which the price elasticity of demand is zero for all prices.
Recent health reports indicate that calcium is asorbed better in natural forms as milk, and at the same time, the cost of milking equipment rises. Examine the probable effects on the market.
Please explain why international strategy is important. What is the difference between domestic and international strategic planning?
Find out the equilibrium price and quantity and illustrate with a graph. The government imposes a tax of $5.00. Find the new equilibrium price and quantity. Determine the total tax revenue earned by the government
How would you know demand has increased? (What is the first piece of information which would lead you to conclude that demand has increased?)
Consider two firms X and Y that produce identically tasting cold drinks. In order to raise the demand for its cold drink, firm X raise its advertisement outlay.
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