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Q. We observe that the equilibrium price of a cup of coffee sold in cafes rises but the equilibrium quantity, i.e. cups, of tea sold in cafes falls. Assume that a cup of coffee and a cup of tea are substitutes. Evaluate each of the following statements.
1. A rise in the price of coffee beans, which is a material for a cup of coffee, is responsible for these observations.
2. A rise in the price of tea leaves, which is a material for a cup of tea, is responsible for these observations.
Suppose you are analyzing market for minivans. What will be the impact on the equilibrium price and quantity of each of the following events on the minivan market?
Assume that as the result of recent labor negotiation, wage rates are reduced by 10% in the production procedure employing only capital and labor.
Is energy efficiency the same thing as economic efficiency and under what circumstances would the energy-efficient automobile described here be economical efficient?
A price floor is set by the government to protect the producer of the good to which price floor has been attached. There're two possible outcomes for market in price floor setting.
Assume monopolizing a service or product of your choice. Discuss how you would go about setting prices for your product or service.
Why is it not surprising to find that in the oligopoly which sells basically undifferentiated product like chicken growth hormone all the firms change prices simultaneously, even if there is no explicit price fixing?
Suppose that you have to charge a uniform price. That is you post a price and one canbuy as many units as one wishes at that price. What would be your price?
What is the average fixed cost for the third unit of output and what is the average variable cost for the 5th unit of output?
Explain why government regulation is needed, citing the major reasons for government involvement in a market economy and justify the rationale for the intervention of government in the market process in the U.S.
Explain why a government might want to regulate a monopolist and How can governments negate the adverse side-effects of gold-plating and cost padding?
Several eminent economists have defined this subject in accordance with their different understanding or realization of economic problems.
Calculate the change in welfare compared to the free market outcome (i.e., in the absence of minimum wages). Is this a welfare gain or a loss?
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