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There are many dairy farmers in the world and also many Starbucks coffeehouses. Why does a Starbucks coffeehouse face a downward-sloping demand curve while a dairy farmer has a horizontal demand curve? What other suppliers might face a downward-sloping demand curve and what implications does this have for their advertising budget as compared to suppliers with horizontal demand curves?
Create another diagram; once again start from an initial macroeconomic equilibrium. Explain both the SR and LR impact of a contractionary AS shock on Y. Use the appropriate diagrams and provide a brief real world example of this type of shock.
Provide the key provisions of the tax cuts passed through Congress in spring 2003 and explain how would these tax cuts be represented by the aggregate expenditure model and the IS curve
A monopolist has a constant marginal and average cost of $10 and faces a demand curve of Q D = 1000 - 10P. Compute the monopolist's profit-maximizing quantity, price, and profit.
In the economy of Cape Despair, subsistence real wage rate is $15 an hour. Whenever real GDP per hour increase above $15 the population grows,
Assume that there are two countries, Argentina and Brazil, each producing wheat and wine from capital labor. Suppose that Argentina has abundant capital and scarce labor when compared to Brazil; that wheat is capital intensive relative to wine.
Consider the Linear demand function Q = 20 - 0.5P. using calculus, find the level of output, Qrmax, where total revenue reaches its maximum value.
Why is it not surprising to find that in an oligopoly which sells a basically undifferentiated product like chicken growth hormone all the firms change prices simultaneously, even if there is no explicit price fixing?
How the Unemployment Rate Affects the U.S. Economy and how the Unemployment Rate Affects
Compute the marginal cost in the given case. Illustrate what is the marginal cost with 8 workers to two decimal places.
Since 1990, energy use per person has either remained fairly stagnant or has increased in different nations and regions of the world. Match the nation or region with the trend in energy use per person since about 1990. Column preview China. increa..
Compare the automotive manufacturing industry today to the automotive manufacturing industry of the 1950's. Applying the economics of price and output, what is the difference between the industry of today and that of the 1950's.
The annual demand for coffee by the U.S consumers is Q = 250 - 10P. Compute the lost consumer surplus?
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