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Stigler argued that the variation in fees increases as buyer information decreases. Suppose you observe that each seller in a market is charging the identical price. What potentially conflicting inferences can you draw?
During the last 10 years, Orlando, Florida grew rapidly, with new jobs luring your people into the area. Despite increases in population and income growth that expanded demand for housing, why the price of existing houses barely increased.
Consider the following short-run production function (where L =variable input, Q =output: Q = 10L - 0.5L2 Suppose that output can be sold for $10 per unit. Also assume that the firm can obtain as much of the variable input (L) as it needs at $2..
Explain how do real GDP and the cost level change if the forecast of inflation turns out to be incorrect.
Here are lots of differences between a market served by a monopoly and a market that is perfectly competitive. Sort the items below according to whether they are associated with a single-price monopoly or perfect competition.
How are customer expectations today different from customer expectations of say 10-15 years ago? What are some reasons that contribute to that change's expectations regarding the level of customer service received?
Draw a production possibilities frontier for the production of corn and steel, identifying the efficient points, feasible points, and infeasible points. Illustrate and explain increasing opportunity cost.
If a consumer decides to spend $600 more in the economy, how much of an impact will that have on the GDP for the country? Why would that effect not be correct, what are issues that might affect that total amount?
Whay Tara is leaving her current job, which pays € 56,000 per year, to start a new company that manufactures a line of special pens for personal digital assistants.
Suppose the services of a road are subject to congestion after 50,000 vehicles per hour enter the road. Assume that it is feasible to price road services on an hourly basis. Create a graph similar to the one in Figure 4.2 of the textbook to show how ..
An established firm is considering expanding its capacity to take advantage of a recent rapid growth in demand. It can do so in two ways. It can purchase fungible, general-purpose assets that can be resold close to their original value, if their use ..
Assume that there are two types of consumers. In particular, consumers of type 1 has utility function u(x, y) = x0.5 y0.5, whereas consumer of type 2 has u(x, y) = x0.3 y0.7. Find the Marshallian demands of x for both types of consumers. Compute the ..
Distinguish between ethical rights and obligations from the perspective of accountants and auditors
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