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Wireless high speed internet is provided for free in the airport of the city of communityville a)At first, only a few people use the service. What type a good is this and why? b) Eventually, as more find out about the service and start using it, the spend of a connection begins to fall. Now what type of a good is the wireless Internet service? c) What problem might result and why? What is one possible way to correct this problem?
According to the National Bureau of Economic Research, a poor family is the one whose income falls below one-half of the median family income. Using this definition of poverty, answer the following questions. a) How, if at all, would the proportio..
Textbook publishers have traditionally manufactured both United States and international editions of most leading textbooks. The United States version typically sells at a higher value than international edition.
Describe the concept of the law of "diminishing returns" and why does it take place only in short run? Differentiate between "the long run return to scale" and "economies of scale."
Discuss the characteristics of monopolistic market in detail. Name five different companies that belongs to this market. Compare and contrast monopolistic competitive market with Oligopoly.
Describe briefly a market in an important product, resource or service in which demand and supply is not mediated through price mechanism. What alternative mechanism is used to allocate the scarce resource or product in this market [Hint, one such..
Calculate the price elasticity of demand for Einstein's Bagels and explain what it means. Derive an expression for the (inverse) demand curve for Einsteins's Bagels.
Given the Production Function: Q = 21X + 9X2 - X3, where Q = Output, and X = Input . At what value of X does Stage II of the production function begin?
What is the variable cost and when output is 10,000, what are the average variable cost and the average fixed cost?
Discuss the difference between monopolistic competition, and perfect competition market models and also provide examples from the real life.
Briefly explain how this will affect money supply over time and how, even without any intervention on the part of the government or the central bank, the economy would self adjust over the following few years.
Analyze the balance-of-payment structure and make at least one recommendation for reducing errors and/or omissions. Explain your reasoning for making the recommendation you did.
What does price, average revenue and marginal revenue have in common and Firms can operate in one or more markets and not always on the same side of the market. General Motors is a buyer in the resource market and a seller in the automotive market.
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