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The author defines market equilibrium as generating the largest possible total surpluses and being efficient when four conditions are met. What is meant by "total surpluses", and what are the four conditions that must be met? Can you name a market in which these conditions exist?
Consider again the avocado example in the textbook, where demand and supply functions are Qd = 160 – 40p Qs = 50 + 15p Suppose a severe drought hit California, and the state government decided to subsidize farmers 40 cents for each pound of avocados ..
What are heuristics? How do they help the brain function? List and describe three common heuristics and how they work. Explain your answers.
We do, however, have free trade in corn, which is fermented and distilled to make ethanol, and accounts for approximately 55% of the cost. Elucidate the effective rate of protection on the process of turning corn into ethanol.
In December 1998, after a year in which Asian demand for B.C. lumber had fallen dramatically, an article in The Globe and Mail had the following headline: “Drastic Cost Reductions Needed to Save 13 B.C. Sawmills”. Does this headline suggest that B.C...
Determine the point price and income elasticity’s for household furniture. b. What interpretation would you give to the exponent for R?
If there is only one provider of electricity in a city, then that market is likely to fail due to:
After reading the short story, "The Fatal Equilibrium," use the Mundell-Fleming model to explain precisely how the inspector figured out who the murderer was.
In an effort to reduce education expenditures, Delware shuts down two of the five colleges that train nurses. Using the traditional supply and demand model, discuss the effects of the budget cut on three markets: the markets for nurse schooling (tuit..
The price of cotton rises. What happens in the market for cotton shirts?
Suppose there are two goods being produced in the economy: robots and wheat. Robots are a capital intensive good and wheat is a labor intensive good. Suppose that there are two countries: France and Brazil. Be sure to include (1) the production possi..
A college student is buying a new car, which costs $18,000 plus 7% sales tax. The title, license, and registration fees are $600. The dealer offers her a financing program that starts with a monthly payment of $300, and each successive payment will i..
An asset with a first cost of $100,000 is depreciated over 5-year period. It is expected to have a $10,000 salvage value at the end of 5 years. Using the straight-line method, what is the book value at the end of year 2?
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