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There are simultaneous changes in the demand for the and supply of tablet devices with the consequences being an unambiguous increase in the equilibrium quantity of these devices but no change in the market clearing price what changes in demand for and supply of tablet devices could have generated these outcomes
What is an absolute advantage? What is a comparative advantage? Give an example where you have an absolute but not a comparative advantage. Why should we specialize and trade?
How did restrictive mercantile policies lead to an early Industrial Revolution in Britain, when they led to several other nations collapses on Continental Europe?
Estimate the regression coefficients using ordinary least squares also interpret them. Predict the weekly sales for a store with 10 feet of shelf space situated at the back of the aisle.
Compare the market-wide result of the individual perfectly competitive firms' choices of profit-maximizing output level with the choice of the monopolist. Explain the implications of the break-up for the profitability of industry members, for soci..
The firm’s constant marginal cost of production is, c = 50. The firm may charge an access fee and per unit price (that the consumers can choose not to pay). What are the profit maximizing access fee and price?
q1. determine the advantages and disadvantages of a company using price discrimination in order to increase demand for
Your disposable income is $100,000 a year. You face a 50/50 chance of losing $10,000 from an illness requiring surgery and value your income to the utility function U=income^0.6. What is your expected income, what is your certainty equivalent, what i..
In the spring of 2002, lettuce price doubled from about $1.5 to $3 per head. The reaction of one consumer was quoted in newspaper article; "I will not buy lettuce when it is a $3 a head" she said, adding that other green vegetable can fill in for let..
Dranove and Wehner (1994) argue that the statistical evidence used to support the supplier induced demand hypothesis is invalid because they find that the same statistical techniques also suggest that obstetricians induce demand. Briefly explain the ..
If one producer is able to produce a good at a lower opportunity cost than some other producer, then the producer with the lower opportunity cost is said to have an absolute advantage in the production of that good.
Explain Thorstein Veblen's theory of consumption. Is economic behavior, and consumption in particular, driven by utilitarian impulses or socio-cultural factors? What is the point of conspicuous consumption and conspicuous leisure?
Diminishing marginal utility means that, The "invisible hand" described by Adam Smith refers to the
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