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You plan a major adventure trip for the summer. You won’t be able to take your usual summer job that pays $6,000, and you won’t be able to live at home for free. The cost of your travel on the trip will be $3,000, film and videotape will cost you $200, and your food will cost $1,400. What is the opportunity cost of taking the trip?
Assume also that her money holdings or the price level stay constant over time. write down the “life-time” budget constraint of this farmer,assuming that her planning horizon extends only two periods into the future.
Assume that the unemployment profits provided through the private sector are raised permanently,
What do economists mean when they refer to "economies of scale" Why do economies of scale exist in the context of hospital services Does this mean a hospital market comprised of a few large hospitals is preferable to a hospital market comprised of..
Provide two examples of actions taken by a company, government, or organization whose effect is to prevent specific markets from reaching equilibrium. What evidence of excess supply or excess demand can you cite in these examples?
During the oil crisis in the 1970s, long lines at gas stations disappeared soon after price controls were removed and gas prices were permitted to rise. Should this even be interpreted as evidence that the oil companies have monopoly power Why or..
Explain why the price elasticity of demand is generally a negative number, except in the cases where the demand curve is perfectly elastic or perfectly inelastic. What would be implied by a positive price elasticity of demand
Does Budweiser have a dominant strategy and what is the equilibrium for this advertising strategy game? That is, in which cell will the firms end up?
Currently, the economy is in equilibrium at Q = 3200 (where Q = potential GDP) and P = 100. You can use monetary and fiscal policies to affect aggregate demand but you cannot affect aggregate supply in the short run.
You have been contracted by an economic consulting company to estimate the economic structure and possible future actions of OPEC, Organization of Petroleum Exporting nations.
The second firm finds that although demand is not perfectly elastic, it is now relatively more elastic. what will happen to the second firms marginal revenue curve and to its profit-maximizing price. competes with a second firm which had been a mon..
The demand curver for your firms product is linear.Based on recent sales data you have determined that at the current price the price elasticty of demand is .80. A. Is the current price on the upper or lower portion of the demand curve
What are the advantages and disadvantages of free trade From an economic point of view, is free trade better than limited or no trade? Have you benefited from free trade How How is the economy impacted by trade
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