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1. The total market value of production in an economy must equal total:
a. profits.
b. revenues from all transactions.
c. consumption.
d. spending on final goods and services.
2. Participants in our economy include:
a. Business firms and consumers but not foreigners.
b. Consumers only.
c. Consumers, business firms, governments and foreigners.
d. Foreigners but not business firms.
Compare the marginal benefits and the marginal costs associated with your purchasing decision. Explain how the strength of the economy as a whole affected the marginal benefits and the marginal costs associated with that decision.
Steve believes that Monica has a 25% chance of be Illustrate what is Steve's expected utility from buying.
Currently, a fast-food firm has a monopoly in the university student union. The monopoly pays the university $75,000 a year in order to maintain it. The firm earns an economic profit of $290,000 per year. Another fast-food firm wants to enter the mar..
What is "monopolistic" about monopolistic competition? What is "competitive" about a monopolistically competitive market? Please explain.
What are some examples of behavior that at one time wire victimless crimes that are no longer criminal.
Define "Full Employment" and "Price Stability". Define, measure, and discuss why inflation is a problem. Define and measure unemployment.
Does the free-market (i.e. unregulated) use of common resources tend to be more or less than the socially optimal level?
If firm A expects firm B to set its price at $20, what is firm A's best response? If firm B predicts that firm A will price good A at $36, what is firm B's best response? What is the NASH EQUILIBRIUM price and quantity for each firm?
Explain how much will your firm's total revenues (revenue from both products) change if you increase the price of good X by 1 percent.
Are these kinds of policies easy to implement in practice? How has globalization of production affected our ability to control pollution?
q.your lecturer used to work at a nationwide chain of retail swimming pool stores which pays its sales force a bonus
Using diagrams show what changes in price and quantity would be expected in the beer market under the scenarios given. Indicate what happens to equilibrium price and quantity and state whether the effect is a change in demand/supply or quantity deman..
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