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Note that Tulip growing is a “perfectly” competitive industry, and all tulip growers have the same cost curves (or schedule) with the standard U shaped Average Total Cost curve. The market price of tulip is $15 a bunch, and each grower maximizes profit by producing 1,500 bunches per week. At the profit maximizing output, the average total cost of producing tulip is $10 a bunch and the average variable cost is $8 a bunch.
a) Graph the referenced cost curves for a tulip growing business.
The presence or even the threat of prize freezes (i.e. price controls) may induce firms to integrate vertically (to merge with “upstream” supplier firms or with “downstream” customer firms). Explain why.
Ocean water contains .9 ounces of gold per ton. Method A costs $550 per ton of water processed and will recover 90% of the metal. Method B costs $400 per ton of water processed and will recover 60% of the metal. The supply of ocean water is essential..
Maria can read 20 pages of economics in a hour. She can also read 50 pages of sociology in an hour. She spends 5 hours per day studying. Draw Maria's production possibilities frontier for reading economics and sociology.
Show graphically the effect on the supply and demand for Bonds in a deflationary period.
The following equation represents the weekly demand that a local theater faces. Presently the theater advertises 125 times per week. Assuming this is the only theater in town, and its marginal cost, MC, is equal to zero, Determine the profit maximizi..
The price elasticity of demand for hardback is 0.5 and the price elasticity of demand for paperback is 2. Suppose the publisher increases the price for hardback by 10% and decreases the price of paperback by 10%. Complete the following table. Does pr..
Many people are concerned about changes in the distribution of income.
The market for roofing services suffers from asymmetric information because customers don't know the quality of roofers' work. Which of the following DOES NOT help overcome this information problem?
Present a thorough analysis of fiscal policy. Detail the effects of discretionary fiscal policies, the various policy levers, the impact of crowding out, time lags, and automatic stabilizer
Economists can measure this kind of as an expected cost. The expected cost of engaging in an illegal activity equals the cost you pay if you are caught time the probability that you will be caught. Now suppose that the number of RIAA lawsuits increas..
The affordable care act made important changes to the law of government programs and to the law of fraud and abuse. Please explain what changes were made and what programs this involved specifically.
q.assume that the following asset values in millions of dollars exist in ironmaniacategory value federal reserve notes
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