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The bicycle industry is made up of 100 firms with the long-run cost function c1(y) = 2 + (y^2)/2 and 60 firms with the long-run cost function c2(y) = (y^2)/10. No new firms can enter the industry. What is the long-run industry supply curve for prices greater than 2?
Which of the following is NOT a possible way for a price-fixing scheme on potatoes to fall apart? Which of the following determine an individual's wage? In 2011, Google introduced its social networking site, Google+. Even though Google+ is cleaner an..
If the rate of money growth and the growth rate of the real GDP were the same in both countries, the explain how would the rate of inflation differ among them.
A long the long-run supply curve of an increasing-cost industry that is characterized by perfect competition, all of the following can vary except. For the case of an increasing-cost industry, supply is
The local community has instituted a price ceiling of $480. Does consumer surplus increase due to this price ceiling. Does social welfare increase as a result of the price ceiling
Assume that average income in the world and the cost of catching fish are both equal to their initial values. Drag the vertical green line back and forth to show the equilibrium quantity of fish caught under these conditions.
Office building maintenance plans call for the stripping, waxing, and buffing of ceramic floor tiles. This work is contracted out to maintenance firms, and both technology and labor requirements are very basic.
In a closed agricultural economy, a new water source has been discovered that is expected to provide a steady supply of water for the crops and thereby increasing expected output in the future. What happens to the real interest rate and output? Descr..
If country desires to smooth consumption, explain how much it should borrow in period 0. Illustrate what will level of consumption and trade balance is from then on.
Suppose that in a year an American worker can produce 100 shirts or 20 computers and a Chinese worker can produce 100 shirts or 10 computers. Explain at what price of computers (in terms of shirts) the two countries might trade. Who has the comparati..
Rick Nash, a player for the Columbus Blue Jackets hockey club earned $5.25 million this year. The CPI for this year is 225, base year 1983. If Rick were to maintain his current purchasing power how much would he have earned in 1983?
what is the short run equilibrium level of output in this economy.
Some lenders charge an up-front fee on a loan, which is subtracted from what the borrower receives. This is typically described as "points" (where one point equals 1% of the loan amount). The federal government requires that this be accounted for in ..
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