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Suppose the market for a good is in equilibrium, and then the demand in that market increases significantly. In this case, producer surplus will
a. Increase
b. Decrease
c. Remain unchanged
d. Might increase, decrease, or remain unchanged
1. The supply of an antibiotic is Q= 30 X P – 200. The demand for it is Q = 8,800 – 20 X P. What is the market equilibrium price and quantity? Public health information can be broadcast at a cost of $100. Public health information is a pure public go..
Suppose that for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”..
Intellectual property refers to the rights of intangible property (IP) such as copyright, trademark, patents, and trade secrets. Explain the rights and responsibilities a company has in protecting its IP and the employees' responsibilities in protect..
Suppose that the level of capital in the economy is 200 units, the depreciation rate is 10%, and the level of investment is equal to 10 units. In this case:
Choose a product from the list. Name and describe the product category below. What types of products are included? Breakfast Cereal,,Dairy products, Footwear, Fruits and Vegetables (canned, pickled and dried) Household cleaning products, Household co..
Apples are bought and sold in a competitive market. Use a graph for the apple market and a graph for an individual firm to demonstrate that firms are earning economic profits. Explain, without using a diagram, whether the situation in (a) can be main..
You are managing a computer chip manufacturer. Your machinery produces chips normally distributed with an average chip speed of 8 gigahertz (ghz) and a standard deviation of 0.5 ghz. The cost of production is $100 per chip. Chips with speeds from 7 ..
If the Bank of Canada sells 100 million worth of bonds to the public in an open market operation. What level of output will the firm choose? Is the firm making a profit.
In each of the following examples determine (1) the market in question; (2) whether a shift in demand or supply occurred the direction of the shift and what induced the shift; and (3) the effect of the shift on the equilibrium price and quantity.
Over the past year the inflation has been 10%. The price of a used Ford SUV has fallen from $6,000 to $5,000, or 16.6%. By what percentage has the real price fallen?
Which of the following statements about exports and imports is true?
Draw the extensive-form diagram for the following strategic setting. There are three people: Amy, Bart, and Chris. Amy and Bart each have two cards, one of which has “K” (for King) written on it and the other has “Q” (for Queen) written on it; that i..
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