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In Chapter 7 we learned that free market is efficient based on 3 insights:
(1) The goods are consumed by the buyers who value them most highly.
(2) The goods are produced by the producers with the lowest costs.
(3) Raising or lowering the quantity of a good would not increase total surplus.
Use a supply/demand diagram of market with binding price ceiling and a supply/demand diagram of market with binding price floor and the above insights, illustrate and explain whether markets with binding price ceiling and markets with binding price floor are efficient or not. (Each insight in one market is worth 1 point, 6 total points available.)
Use Porter’s five competitive forces to perform Domino Pizza’s strength assessment ( Do not miss factors for each Factors, The answer should have the same format as the required format, For each force, the competitors, suppliers, or customers are not..
What is the difference between contractionary and expansionary monetary policy? What is the intention of each policy under a depression, recession, or robust economy? Which type of monetary policy is more appropriate today and why?
Jimmy’s preferences can be represented by the following utility function U = 2x + y. WealsohavePx =3,Py =3andW=100. What is Jimmy’s optimal consumption bundle? Calculate Jimmy’s income elasticity of demand for good x.
Generate a PDF and CDF using the simulation function in simetar for the random variable X that follows a normal distribution with a mean of 20 and a standard deviation of 4. Remember that simetar uses the standard deviation to produce the distributio..
A farm must decide whether or not to purchase a new tractor. The tractor will reduce costs by $2,000 in the first year, $2,500 in the second year, and $3,000 in the third year, and $3,000 in the fourth year. what would happen to the present value of ..
Suppose you consume nothing but goods X and Y. We have two years.
q.at one time the country of aquilonia had no banks but had currency of 10 million. then a banking system was
At which interest rate will an individual be indifferent between receiving $50 per year every year forever (starting one year from now), and receiving $1000 today?
We have learned that the demand for money is a negative function of the nominal interest rate. Explain why it is the nominal and not the real interest rate that matters.
When a Denver resident purchases a Coors beer (brewed and bottled in the USA), this represents a:
Suppose you are considering the purchase of an established business that has the expected profit stream noted below. If want a 20% return on you investment, what is the maximum amount you should pay for the property?
In order to boost funding for the state of Florida or Mississippi, depending on where you are, each state has decided to start a daily drawing where people can purchase a ticket for $1 with a 3-digit number from 000-999. If the number on the ticket m..
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