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Suppose that in the market for electric cars there are two simultaneous changes that occur. A new technology lowers the costs of the batteries included in electric cars. Also, the price of gas powered vehicles, a substitute for electric cars, falls substantially. What is the impact of these effects on the market for electric cars (depict each separately)? (Note: one relates to demand and the other to supply, the answer to this question is about the net outcome of both effects.)
True, false, or uncertain- "If firms in competitive industries lower their costs, profits will not be altered, since in competition all firms earn zero profits. Therefore, competitive firms have no incentive to find new ways of lowering costs" Explai..
Some firms will lobby their legislative bodies to impose barriers to entry. Can anyone think of groups or firms that do this?
Among the tax proposals regularly considered by Congress is an additional tax on distilled liquors. The tax would not apply to beer. The price elasticity of supply of liquor is 4.0, and the price elasticity of demand is -0.2. The cross-elasticity of
What are the genotypes of the parental flies? List the genotype(s) and phenotype(s) you expect to see in the F1 offspring. Explain how you arrived at your answer.
In 1990, most economists thought the full-employment rate of unemployment was about 6%, but in 2000 they thought it was about 4%.
Which of the following changes will not cause the demand for root beer to increase? an increase in consumers' incomes (with root beer being a normal good).
In the following examples, is inflation creating winners and losers at no net cost to the economy or is inflation imposing a net cost on the economy?
Efficiency can mean many things to many people. Even in economics, there are different types of efficiency. Here we are discussing productive efficiency. An economy is productively efficient whenever it is producing the maximum output with given t..
What are the wholesale price and fixed fees that the manufacturer offers? Does the manufacturer impose RPM? Does the retailer invest in attracting.
Calculate the marginal revenue from the given information and decide whether you should increase output (sell more).
Write down some of the characteristics of perfect competition. Which kinds of industries come closest to perfect competition in the real world?
EXPLAIN if and why the following statement is true or false: For a linear demand curve, the price elasticity of demand is the same thing with the slope of the demand curve
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