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1. How does consumer and producer surplus describe efficient markets in terms of allocation of goods and services?
2. International trade and trade agreements seem to be a big issue for the upcoming presidential election this November. Are we better off with free trade? Why or Why not?
3. Externalities are a form of market failure. What are positive and negative externalities? Explain by providing examples.
4. Define and give an example of a public good. Can the private market provide this good on its own? Explain.
Which of the following statements about productive efficiency is true? X It means that an economy is producing at a point on its production possibility frontier.
Suppose the annual demand function for the Honda Accord isQd= 430 - 10PA+ 10PC- 40PG, wherePAandPCare the prices of the Accord and the Toyota Camry respectively (in thousands), and P Gis the price of gasoline (per litre).
How do you think this would affect the ratio of international asset trade to GNP for Home and Foreign?
In 2006 rental car companies often charged more to rent a compact car than an SUV or a luxury vehicle Why do you think rental companies turned their normal pricing structure on its head?
If C=100 + (2/3)DI, How much will saving increase after a permanent tax cut of $600 billion? If the shift in the C+ I + (X-IM) was caused by an 80 dollar increase in investment then the multiplier is?
The marginal cost of this firm is equal to its average total cost and is constant at $4 per unit produced. Set up diagrams that shows the demand and the marginal revenue curves of this firm, as well as the quantities and prices it charges in each ..
Increase the level of the activity if its marginal benefit exceeds its marginal cost, but reduce the level if the marginal cost exceeds the marginal benefit. Why is the level where marginal benefit equals marginal cost considered maximum satisfact..
What is the main assumption in a Randomized Complete block design, that is contrary to the assumption of an incomplete block design?
The problem related to Economics and the problem is about an economic consulting firm specializing in economic structures. Markets such as cartel, oligopoly and monopoly have been discussed in detail.
In the law of supply, I understand to produce more (Lola's Pizza) it will cost more (equipment, labor, depreciation value, etc.) but is there a point that is plateaus that at a certain volume, the pizza will be sold for a lower cost and cost less ..
A competitive firm can sell all of its output for the market price of $5. its short run cost function is TC= 1000 + Q + 0.005Q2. this cost function has marginal cost given by MC= 1 + 0.01Q.
What is the five-number summary? Were there salary outliers for the Philadelphia Phillies? If so, how many and what were the salary amounts? What is the total payroll for each of the other three teams? Develop the five-number summary for each team..
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