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1) Evaluate the following statements: "A warmer than usual winter produced an abundance of oranges in Florida. This is an increase in supply which will reduce prices. The reduced prices will lead to an increase in demand which will push prices back up. Overall, the price of oranges will be relatively unchanged."
2) In recent years, Detroit shut off water to some city residents because of unpaid bills. Those opposed to these shut offs, including the United Nations, claim that city tap water is a public good. Evaluate this claim.
3) A local taxi-owner's union is meeting to decide whether to raise the minimum ride price from $5 to $6. This price is the flat rate any rider pays who travels less than 2 miles. An economist at the meeting tells the group that studies have shown that short-trip rides have an elastic demand. What will happen to taxi revenues if the increase in the price floor is adopted and why? (the explanation is what counts here).
4) In the 1980s, there were far fewer apple varieties than there are available today. In the early 1990s, researchers at the University of Minnesota patented the seeds for the now-popular Honeycrisp apple variety they bred. As that patent nears expiration, explain how this market will change. Explain what type of market structure the Honeycrisp was in in 2001. Were long run profits possible? Why or why not? What type of market structure will the Honeycrisp apple be in in 2016 when the patent will have expired? Are long run profits possible? Why or why not?
Many are concerned about health conditions in American schools, particularly since children frequently catch infectious diseases from each other. One child with an illness might give the disease to all of the others at
An industry consists of three firms. All three have identical variable costs VC(q) = 5q + q2, but whereas Firms 2 and 3 have fixed costs of $2,000, Firm 1’s fixed costs are $3,000. Market demand is Q = 335 – p and the firms play Cournot. What is the ..
Nominal interest rates are quoted at a variety of maturities, corresponding to different lengths of loans. For example, in late 2004 the U.S. government could take out ten year loans at an annual interest rate of a bit over 4 percent, whereas the ann..
devise at least two arguments that support the position that partisan legislative politics creates good policy outcomes for America, In developing your response, be sure to use at least (2) two examples to support your arguments.
What are the pros and cons of electoral system? What are the most compelling arguments you found for continuing to use the Electoral College? What are the most compelling arguments you found that were in favor of abolishing the Electoral College?
Explain the challenges in measuring consumer surplus of a free product like major online applications, such as Facebook and Google Search. Explain how to quantify the gains that the internet has brought to consumers
A company has 6800 dollars to invest, which must be divided between capital expenditures and labor. Each unit of labor costs the company 10 dollars, and each unit of capital costs 10 dollars. Therefore 10L+40K=6800, where L and K are the units of lab..
a smaller multiplier means that change in government purchases of goods and services, government transfers, or taxes necessary to close an inflationary or recessionary gap is larger. How can you explain this apparent inconsistency.
In 2013 the south Korea GDP was about 1620 billion. Since we are working in 2013 dollars, this number is both the real and the nominal GDP for 2013. From 2013 to 2014 the real gdp grew 2.9%. The money supply in Korea in 2014 was about 390 billon. The..
The 16 overhead doors on your loading dock must be replaced now . The deluxe model costs $2,200 for each door and will last for six years. The standard model costs $1,600 for each door and will last for four years. The deluxe model is aluminium so it..
You are borrowing money that must paid back after 6 months. You are given the following loan options: (a) 12% per year (b) 11% per year, compounded daily (c) 1% per month (d) 11.5% per year, compounded monthly Determine the effective semi-annual inte..
DeVito Company operates in a state where corporate taxes and workmen's compensation insurance rates have recently doubled. DeVito's president has assigned you the task of preparing an economic analysis and making a recommendation about whether to mov..
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