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Answer the following questions thoroughly utilizing key terms and concepts covered in the previous units.
1. Smoking is banned on most airline flights. Use marginal utility theory to explain:
a. The effect of the ban on the utility of smokers
b. How the ban influences the decisions of smokers
what level of output are your average variable costs minimized and at what level of output are your average total costs minimized?
Since food, in large measure, affects the real income of households, increasing prices will eventually push up wages and have an impact on the aggregate supply curve. Central banks were very worried about the prospects for inflation becoming gener..
Explain the income effect and how this might influence ticket sales for NFL? Do you think Wrigley's will raise or lower their total Revenue by raising prices?
Discuss how pricing affects consumer purchasing, particularly the purchasing trends of individual households
What amount must be deposited into a savings account that pays 8% interest if the inflation rate is 10% and you want to set aside enough money to purchase a red tape cutting machine ten years after the deposit? The current cost of a red tape cutting ..
Many environmentalists, or general members of the public, are horrified by the notion of marketable pollution permits. They argue that big corporations should not be able to buy the right to pollute the environment. Make the counter-argument.
What is meant by rationality Consider the three "systematic mistakes" discussed in your text. What are the costs of making those "systematic mistakes" Is it possible to act "irrationally," or is rationality defined by the individual's approach to ..
What is a market structure? Define and discuss in detail the differences between a monopoly, an oligopoly, perfect competition and monopolistic competition.
find examples in the current business news media of how ebay and other online sellers obtain information about the price elasticity of demand by making unannounced temporary adjustments to thier prices and fee structures
The government has imposed a tax on gasolone. What is the amound of the tax per gallon of gasoline How much tax revenue will government collect from this tax How much of the tax is paid by consumers
Which of the following is not a condition required for the practice of price discrimination?
"Since consumers' tastes are changing so rapidly, there is no reason to expect that statistical demand estimates derived from historical data will be accurate in the future." Critically evaulate this statement in light of your knowledge of statist..
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