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1. During 2005, Orlando, Florida, was increasing rapidly, with new jobs luring young people into the area. Despite rise in population and income growth that expanded demand for housing, the price of existing houses barely increased. Why? Illustrate answer with supply and demand curves.
2. The United States government administers two programs that affect the market for cigarettes. Media campaigns and labeling requirements are aimed at making the public aware of the health dangers of cigarettes. At the same time, the Department of Agriculture maintains price supports for tobacco. Under this program, the supported price is above the market equilibrium price, and the government limits the amount of land that can be devoted to tobacco production. Are these two programs at odds with the goal of reducing cigarette consumption? As a part of your answer, illustrate graphically the effects of both policies on the market for cigarettes
What is the relationship between productivity and the cost of production, and how does the cost of production vary over the short- and long-run?
Choose any one topic out of the following , • Water , • Energy , • Agriculture , • Forest
Discuss why a firm's long-run costs are minimized when it employs the mix of resources such that the ratio of all of the resources' marginal products to their wage rates are equalized. Employ a graph to illustrate.
Find out the optimal crude oil allocation in the preceding example if the profit associated with fiber were cut in half, that is, fell to $0.375 per square foot.
Summarize the differences between the four market types. Provide a general explanation of how business may maximize profit within each market type.
Derive the firm's supply curve, expressing quantity as a function of price. Derive the market supply curve if the company is one of 200 competitors. Compute market supply per week at a market price of $25 per rack delivered and serviced.
Can you articulate how macroeconomics and microeconomics come into play in the context of firm decision-making in a global business. Please provide an example.
What are some goods and services which produce positive externalities generally produced by the government?
The consequences of decriminalizing illegal drugs have long been debated. Some claim that legalization will lower the price of these drugs and reduce related crime. Others claim that more people will use these drugs.
Determine GDP,NDP,GNP,NNP,NI,PI,DI,S. Comment on savings magnitude that you have determined.
Consider the preferred prices of the authors and publishers of the electronic book, whose marginal cost of production is close to zero? Would the two disagree regarding the price to be charged for book?
Distinguish between explicit & implicit costs, giving example of each and what are the explicit & implicit costs of attending college?? Why does the economist classify normal profit as a cost?
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