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In 2007, dairy farmers faced an (equilibrium) wholesale price for their milk of about 1 cent per ounce. Because of changes in consumer preferences, the demand for milk has been declining steadily since then.
a. In the short run, what effect would this have on the price of milk? On the number of dairy farmers (and the size of dairy herds)? Explain.
b. What long-term prediction would you make for the price of milk?
Determine what do the laws of supply and demand forecast would be the result of an immediate removal of rent control in terms of price of rental housing and quantity available?
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consider an entrepreneur you know could be a relative friend or acquaintance. answer the following questionswhat
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Suppose Venezuela imports TV sets at a price of $150 each. Under free trade, how many sets does Venezuela produce, consume, and import? Determine Venezuela's consumer surplus and producer surplus.
you have worked as a real estate agent for 10 years and are earning about 100000 per year with your current agency. you
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It is common knowledge that governments all over the world are involved in providing education for their citizens. To gauge the effectiveness of public education, federal government, states, and independent agencies measure achievement regularly. Acc..
What conditions exist when economic profits are maximized - What is the difference between economic and accounting profits?
What is the most you would pay to call her and ask for the result? Be sure to show the decision tree that fuels your reasoning.
Explain why the short-run aggregate supply curve is not vertical, but the long-run aggregate supply curve is vertical.
What is the total social value per unit at market equilibrium and What is the value per unit of external benefit created by this product at market equilibrium?
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