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Water is incredibly inexpensive and yet is vital to life itself. Without a sufficient supply of clean water, people, animals, crops, and forests would be devastated. Sadly, the supply of water is not easy to control or influence, and in many areas of the country, drought conditions may exist for many years. Use the following websites to learn more about drought and the hardships it creates. Then apply your new knowledge to our discussion of supply and demand. Please respond to all of the following prompts:
•Using the supply-and-demand model, explain what would happen to the supply curve during a drought. Also explain the affect on the price of water as illustrated by the graph. •We know the supply curve for water is not easily changed, (That is, it's not easy to make rain!) so let us assume a "fixed" supply (In other words, the supply curve is vertical at a given point in time). We also know during times of drought, people are encouraged to conserve water usage. Graphically, what does conservation "look like" on our supply and demand graph? What happens to price? What are the implications for the success of conservation measures and policies?
Elucidate the difference among a monopoly and an oligopoly, the welfare effects of monopoly.
donut ville caters to its retirement population by selling over 10,000 donuts each week. to produce that many donuts weekly, donut ville uses 1,000 pounds of flour, which must be delivered by 5:00 AM every friday morning.
Joan is deciding where to spend her spring break. If she goes to Cancun, Mexico, the trip will give her 9,000 utils of satisfaction and will cost her $300. If, instead, she travels to Florida, the trip will give her 5,000 utils of pleasure and w..
What happens to price and output in the Cournot, Bertrand and Stackelberg models if marginal costs increase by 10 percent if N=2, there are constant marginal costs (c), and firms face demand p = a - bq?
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Explain why does the government support public education when the private sector also provides this service.
mos eisley cantina is the only tavern in a small remote planet. demand at moss is qd 880 - 200p while the daily total
Explain the trade-offs between any three of these options. In other words, what will you gain, and what will you have to give up if you choose each of the three options?
question 1. currency concernsrussia is a major exporter of oil and natural gas and its economic growth over the past
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