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Q1. Using demand also supply analysis, explain why this new process will not cause a surplus of crude oil. If no surplus is created, then illustrate what will be the impact of this process on the marketplace for crude oil?
Q2. Is it possible to have diminishing returns to a single factor of production also constant returns to scale at the same time? Explain briefly.
Q3. Assumes that wheat producers lobby the government for a price floor also receive one. This price floor is set at PF. Illustrate what has occurred to the producers' surplus as a result of the imposition of the price floor?
Illustrate what price do you think this firm should charge if it wants to maximize its short-run profit.
The president of your college believes that the cost of a college education is far too expensive for students to afford and has decided.
The demand for Dunkin Donuts glazed doughnuts will change by Illustrate what percentage also in Illustrate what direction.
The firm has monthly cash expenses of $180.what is the projected ending cash balance at the end of February.
Elucidate how might firms "avoid" experiencing diseconomies of scale also illustrate what does the long-run average cost curve look like when diseconomies of scale exist?
The factory operation creates smoke that affects nearby homeowners, causing respiratory ailments and similar problems.
Illustrate what are the firms ATC per unit at these three levels of production. If every firm in this industry has the similar cost structure, is the industry in long-run competitive equilibrium.
Incorporate tastes into economic models only to the extent that tastes determine whether pairs of goods are substitutes or complements.
Given the difficulties which the regulation of public utilities faces that would it not is better to nationalize public utilities as several European countries have done.
movements along the consumption function while changes in wealth lead to a shift of the consumption function.
In Illustrate what way do competitive markets have a "natural remedy" for discriminatory hiring practices.
A farmer has a production function f(L) where the input is capital (L). The cost of this loan is L(1+i). The farmer also has an outside option (loan from family member) which generates a profit of A.
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