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It currently costs 500 dollars to install a new shower in your house. A new law requires each new shower to come with digital hot and cold water controls instead of old fashioned knobs that everyone uses today, installing the digital control costs the manufacturers an extra 200 per shower. Customers value the digital controls at 50 per showerI.
llustrate how the demand and supply curves for showers shift as a result of the new law.
what happens to the price of the new shower
who gains from this new law: buyer, seller, both or neither.
Give a hypothetical/real world example of the MR=MC principle (Profit maximizing point). Explain what elements in example represents decreasing marginal revenue/benefit and what element represents increasing marginal cost.
What is a group? How does a group differ from a team - what are the advantages and disadvantages to group decision-making?
The labor demand curve for Baristas at coffee shops in a certain city is E=300-20W where E is the Barista hours demanded and W is the wage in dollars per hour. The equilibrium wage is $4 per hour but the government puts in place a minimum wage of $5 ..
how did the bretton woods system operate? what caused its collapse? some think the current system of managed but
What is the market price of the product and draw the social demand curve and what is the socially optimal output - By how much does the market overproduce this good?
Assume a monopolist faces the following demand curve: P = 180 - 4Q. Marginal cost of production is stable and equal to $20, and there're no fixed costs. What is the monopolist's profit maximizing level of output?
Country A and country B both have the production function: Y=f(K,L)=K^(1/2)L^(1/2)
What is the responsibility of individuals in the cost of their care Are health savings accounts and high deductible insurance policies an approach that should be expanded What are the concerns for low-income individuals
Current concerns stem from the fear that if medicare remains an open ended program, its share of the federal budge will continue to increase over time. Prepare a brief memo examining "a freeze in physicians' fees and a requirement of mandatory ass..
what are the major characteristics of pure monopoly? what are the major barriers to entry that explain the existence
suppose a firm has the production technology shown below for goods 1 and 2 and respond to the following with
suppose you are a painter and the price of a gallon of paint increases from 3.00 a gallon to 3.50 a gallon. your usage
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