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Explain why the productivity standard for the distribution of income entails rewarding people based on their contribution to society total output.
Why does the productivity standard typically fail to yield an equal distribution of income?
Airline fares are bigger in summer than in winter. Some railroads charge lower fares during week than on weekends. Electric firms charge customers lower rates the more electricity they use.
Perform residual analysis using time series plots, autocorrelation analysis, histogram and a normality plot to determine if the residuals are random. Show the graphs.
Joanne has decided to buy the Hummer and set up a commuter service between Boston and Lowell. There are 1000 people who will pay $400 a year for the commuter service; $280 from each person goes for gas, maintenance, insurance, depreciation etc.
Assume that the demand curve is given by the following: p=100 and the supply curve is given by Q=p-25. If the government puts in place a tax of 10 that must be paid by the buyer the deadweight loss that results is equal to:
Find out the firm's optimal quantity, price, and profit (1) by using the profit and the marginal profit equations and (2) by setting MR equal to MC. Also provide a graph of MR and MC.
market power may produce a level of output greater than its profit maximizing level of output to gain market share and block entry of new firms. What challenges does the firm face to sustain this practice?
The government adopts a tax increase and cuts spending to reduce the budget deficit and the government adopts a "fiscal stimulus" by increasing its spending on infrastructure
What is the welfare loss in the labor market compared to the case where the engineer labor market is competitive?
Give a numerical example to show that a monopolist's marginal revenue can be upward-sloping over part of its range. Hint: The price on the demand curve is the producer's average revenue. Think of the graphic that showed the possibility of declining..
identify at least five (5) fixed costs and five (5) variable costs OF the NFL (National Football League). If the business or economy slows down, discuss how the industry can control its costs based on the ten (10) costs you identified.
Determine whether the firm is operating efficiently, given that its objective is to minimize the cost of producing the given level of output. Determine what changes (if any) in the relative proportions of labor and raw materials need to be made to..
Discuss why a monopolist should lower its quantity relative to the perfectly competitive market to maximize profits. Make sure to elaborate employ examples.
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