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1. Economics research is more than conventional sciences. Discuss four (4) reasons in support of the given statement.
2. You are given the following demand function:Q=-1/2P+60. At what price is total revenue maximized?
3. Read the following information to answer the questions that follow:
The market for bananas is given by the following equation:
P=100-2.5Qd
P=Qs
3.1 What is the price elasticity of supply of bananas?
3.2 Evaluate the market for bananas at a price of 20 and discuss whether there will be an equilibrium or not.
Special-interest programs are highly attractive to vote-seeking politicians because 1. These programs are highly efficient and therefore they tend to enhance the general welfare of the populace.
Suppose in the short run a perfectly competitive firm has variable cost = 6q2, and MC = 12q where q is the quantity of output produced. Also, the firm has fixed cost F = 6144. a) If the market price of the product is $336, how much output should th..
Graph the short run equilibrium for the monopolistically competitive firm. Does it have any similarities with the monopolist equilibrium? Any differences
Briefly describe the economic problem you have selected. Assess the impact the problem poses to society. Design an economic policy solution to the problem.
Suppose government officials have set an emissions tax to reduce pollution. Assume the optimal tax would be $1,500 but government officials have set the tax equal to $500. At the equilibrium with the $500 tax:
monopoly and pure competition - discuss pros and cons of monopoly and pure or perfect competition. to be specific what
Suppose that for given labor-market conditions, worker bargaining power throughout the economy increases. Using the 3-point curved line drawing tool.
What is the theory of diminishing returns? How does it effect returns?
Consider the following products. Decide whether each one meets the conditions of perfect competition-state that it does or does not. Try, as much as possible.
You will write a one-to-two page paper about your specific chosen topic. Discuss at least four points that are important considerations for the topic you chose and include 2 or 3 sentences discussing why each point is important to consider as a busin..
What can you conclude about the effects of monopoly relative to perfect competition, given the answers above?
Determine how the issue of time affects the consumptive choices you make. Provide specific examples to support your response. Discuss ways that the relative scarcity of personal savings in the U.S. may impact business growth.
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