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A cup of Starbucks Macchiato will cost you around $5, and a similar cup at McDonald will cost about $2.90. The exotic Indonesian Civet Coffee will cost around $20 per cup. What is the most that you are willing to pay for a cup? Is it worth to pay more? Do you have any consumer surplus on this consumption?
As a bench mark, during a "typical" U.S. recession we should expect the unemployment rate to rise to about.
Chronological order from earliest to latest:
A firm operates in a perfectly competitive industry. Suppose it has a short run total cost function given by TC= 42000 +0.001Q^2 and a marginal cost given by MC=0.002Q. If the market price is 15, what is the firm's profit-maximizing quantity?
Why do economists tend to react in a hostile fashion to prposals for quotas, or for price ceilings and price floors? Recall and describe case(s) in which such interferences with the market equilibrium and preferable to the alternative, and explain wh..
According to the classical view, which of the following statements is true? The government's budget deficit is equal to. Which of the following is a leakage in the macro economy?
If the CPI was 110 last year and is 121 this year, what is this year’s rate of inflation? In contrast, suppose that the CPI was 110 last year and 108 this year. What is this year’s rate of inflation? What term do economics use to describe this second..
Scarcity, choice and opportunity cost can be illustrated with the aid of a production possibilities curve (PPC), also called a Production Possibilities Frontier
Elucidate how the strength of the economy as a whole could affect the marginal benefits also the marginal costs associated with a decision to purchase a home.
A firm has $2,000,000 in sales, a Lerner index of 0.56, and a marginal cost of $35, and competes against 900 other firms in its relevant market. What price does this firm charge its customers? By what factor does this firm mark up its price over marg..
HomeGrown is a small restaurant that specializes in serving local fruits, vegetables and meats. The company has chosen to enter into a long-term relationship with Family Farms, a local farming operation. If HomeGrown’s lawyers charge $120 per hour, h..
Compare performance of a single-price monopoly with that of perfect competition. Explain how price discrimination increases profit. Explain why monopoly can sometimes achieve a better allocation of resources than competition can.
There are d democrats and r republicans voting in the US Presidential election. Each person decides whether to vote or not vote. The voters get a payoff of 2,1,0 if their preferred candidate wins, ties, or loses (respectively). Voters that vote incur..
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