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Suppose Ralph and Ed have the only store that sells toilet bowls in northern Maine. Their nearest competitor is 211 miles away, and these two men have a reputation for producing high-quality toilet bowls. Graphically illustrate what the market for toilet bowls will look like for Ralph and Ed. Shade in the area of profit for Ralph and Ed and label the profit maximizing price (Pe) and quantity (Qe).
Then, suppose a new federal law is passed that forces all toilet bowl manufacturers to install devices that reduce the amount of water used per flush. Using a second graph, illustrate and explain what impact this new law will have on Ralph and Ed. Shade in the new area of profit for Ralph and Ed and label the profit maximizing price (P1) and quantity (Q1). Make sure to show the old profit maximizing price (Pe) and quantity (Qe) as well.
Explain how the market changed as a result of the new regulation.
Neoclassical economics was 'a crucial stage in the creation of a genuinely scientific unified theory of economic behaviour'. Discuss.
Based on this analysis, what production decisions would you make? Be sure to support your decisions with examples or data.
Diversity and cultural competency-what issues related to diversity and cultural competency are at play? Are such issues even being considered?
what is the difference between scarcity and rarity? do bill gates and donald trump face scarcity and if yes how so?
Suppose you were buying another house. Would you be more interested in the mean or median prices in the area?
Southwest Airlines is adding $100 million a year in new fees. Under new rules customers only get a partial refund for missed flights, prices are being raised for a third checked bag and for early boarding slots. The airline wants to increase rev..
When the government imposes a quota on a specific imported product, who benefits and who loses?
During his shortened presidency, was President John Kennedy more of a transactional or transformational leader? Use at least two examples (with proper cites) of his successes and/or failures to support your answer.
VWhich of the following is a characteristic of both monopolistic competition and perfect competition?
Which region appears to have a comparative advantage in producing cut flowers: Colombia or California? Explain. How have U.S. consumers of cut flowers.
if current output is such that marginal cost exceeds marginal benefit should more or less resources be allocated to
Suppose that there are two risk-averse individuals with the same utility function u = (w0.7/0.7), where w is wealth. Their initial wealth endowment.
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