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In their song "Homeward Bound", Simon and Garfunkel talk about a singer on the road who has grown tired of the road. In part they say:Everyday's an endless streamOf cigarettes and magazinesAnd each town looks the same to meThe movies and the factoriesAnd every stranger's face I seeReminds me that I long to be...Homeward bound
Why would they say something like this when most people think that traveling is fun and singing before hundreds of adoring fans would be an adrenaline rush?
Compute the opportunity cost of an increase in the number of hours spent studying in order to earn a 3.0 GPA rather than a 2.0 GPA. Find out opportunity cost of an increase in income from $100 to $150.00
Do you agree that the only way to raise equilibrium quantity is to raise supply and demand together? Why agree or why not agree?
The demand for energy in the United States is often stated as persistently non-cyclical and not sensitive to both prices effects. Given such characteristics, explain the effect of each of the following on the demand or supply for gasoline.
Suppose there are three countries in the world. Country A exports $11 million worth of goods to country B and $5 million worth of goods to counrty C, country B exports $3 million worth of goods to country A and $6 million worth of goods to counrty..
Both industrial unions and craft unions attempt to raise their members' wages, but each goes about it differently. Explain the diffeence in approaches and describe the impact these differences have on excess quantity of labor supplied.
Why does rent control result in a shortage of rental units.
Proponents argue that tolls have long ago paid for the cost of building the road; now they just provide cash for tax bureaucracy. A number of economists are opposing the repeal of tolls on the grounds that they serve to internalize externalities.
Derive the equation of the consumer's demand curve for x and with y on the vertical axis and x on the horizontal axis, draw a price-consumptioncurve when the price of x changes.
Assume an airline flying on the New York - Chicago route has estimated the demand curves for three different types of customers: business (no advance purchase), leisure (7 day advance purchase), and discount (14 day advance purchase) travelers.
Assume that the The World Steel industry wants to expand and that its only option is a merger. Now the industry is confronted with government regulations to oversee the merger. Analyze how the different forces will come together to create a converg..
You're the manager of monopolistically competitive firm. The present demand curve you face is P=100-4Q. Your cost function is C(Q)=50+8.5Q2 (That's Q squared).
MICROECONOMICS
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