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Traditionally, the perfectly round, white saltwater pearls from oysters have been prized above small, irregularly shaped, and strangely colored freshwater pearls from mussels. By 2002, scientists in China (where 99% of freshwater pearls originate) had perfected a means of creating bigger, rounder, and whiter freshwater pearls. These superior mussel pearls now sell well at Tiffany's and other prestigious jewelry stores (though at slightly lower prices than saltwater pearls). What is the likely effect of this innovation on the cross-elasticity of demand for saltwater pearls given a change in the price of freshwater pearls?
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Assume that this market is competitive and use side-by-side firm and market diagrams to show what happened to prices, quantities, number of firms, and profit as this market evolved over a couple of years. (Hint: Consider the possibility that firms..
Evaluate the meaning of the selected literary work, using the analytical approach you described
In a hypothetical economy, the annual velocity of money is 10,and level of real output is $800 billion. In year 1, the economy'smoney supply is $100 billion and in year 2 it is $112 billion.Calculate the rate of inflation between years 1 and 2
There are two firms in an industry, each owning one plant. Firm 1 has supply function P = 10 + 0.01Q1 (which is the marginal cost of its plant), and Firm 2 has supply function 0.005Q2 + 0.00001Q22
The state's fish and game department has a capital budget of $9million. What is the government's opportunity cost of capital if ithas the following projects to consider What does this indicateabout which projects should be done
The inverse-market demand curve for DRAM chips is P = 50 - Q, where Q is the total industry output and P is the market price. The marginal cost of producing DRAM's is $15. There are no fixed costs associated with producing the chips.
Suppose the weekly demand for a product is given by p + 2q = 840 and the weekly supply before taxation is given by p = 0.02q2 + 0.55q + 7.4. Find the tax per item that produces maximum tax revenue
A firm has a production function given by Q = 10K0.25L0.25 . Suppose that each unit of capital costs R and each unit of labor costs W.
office building maintenance plans call for the stripping, waxing and buffing of cereamic floor tiles. this work is contracted out to maintenance firms and both technology and labor requirements are very basic. qs=2p-20 and qd=80=2p algebraically
How many driveways will be shoveled in equilibrium?
Show that if the economy starts with less capital than its steady-state level, it will immediately jump to the steady state by borrowing internationally. How will the economy repay this debt?
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