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What is the invisible hand principle ? Does it indicate that self-interset behavior within markets will result in actions that are beneficial to others? What conditions are necessary for the invisible hand to work well? Why are these conditions important?
Explain how a company that is competing in a purely (or perfectly) competitive market should increase its competitive stance in the marketplace. Provide specific examples.
What is the equilibrium price and quantity and assume that changes in fashion cause the demand for tshirts to rise by 4 million at each price. What will be the new equilibrium price and quantity?
What factors might these types of stores have in common behind their declines? How would you determine which were important and which were not?
a.) Illustrate using a fully labeled supply and demand graph (label all the axes and any lines you put in your graph) what such an artificial price looks like. b.) Explain what the results of such a move are for the graham cracker market. ..
Charm City Mining Company owns two mines, each of which produces three grades of ore- high, medium, and low. The company has a contract to supply a smelting company with at least 8 tons of high-grade ore, 10 tons of medium-grade ore, and 18 tons o..
Suppose that there is a cultural shift in America emphasizing the importance of saving money as opposed to current consumption. a.) Illustrate the impact on the interest rate in the market for loanable funds. What direction does the interest ra..
Suppose that technophiles are willing to pay $400 now for the latest iPhone, but only $300 if they have to wait a year. Normal people are willing to pay $250, and their desire to purchase does not vary with time. Ignore the time value of money a..
Determine the short run average variable cost and the marginal cost functions. Determine the output level that minimizes short run average variable costs
Draw a graph showing the optimal size of the park and briefly explain why a park of 2 acres is not optimal
Which of the following is an example of "supply-side economics"? A. an investment tax credit B. a one-time tax rebate to low-income families C. a new Medicare drug benefit for the elderly D. an increase in Social Security benefits E. all of the above
How much will Jacob earn? What proportion of his annual salary will be economic rent? Why won't the advertising company for which Jacobs works be able to earn an economic profit?
describes the market structures of oligopoly and monopoly in terms of number of producers, types of products produced, barriers to entry, and whether profit can be made in the short or long run.note whether oligopolies and monopolies are bad or..
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