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In presidential campaigns, candidates always seem to make more promises than they can fulfill. What economic concept is ignored by the candidates?
Are the people who choose to smoke irrational? What do you think of the argument that we should ban smoking in order to protect these people from themselves?
Use economics to explain why diamonds are more expensive than water when water is necessary for survival and diamonds are not?
In December, the price of Christmas trees rises, and the quantity of trees sold rises. Is this a violation of the law of demand?
A severe drought in California has resulted in a nearly 30 percent reduction. Explain what effect this event might have on the Florida citrus market.
Draw a downward-sloping demand curve and an upward-sloping supply curve for orange juice. Show what happens in each of the following cases:
What is the fundamental problem associated with overfishing of the oceans? What might lead to underfishing?
In recent years, U.S. car manufacturers have charged lower car prices in western states. Can you provide another explanation for the two-tier pricing scheme?
What would you predict would happen to the economic profits of the drug dealer? Suppose families in South America form a cartel. What is the result of cartel?
Suppose the Disney Company was experiencing above-normal profits. What would you predict would happen over time?
Give ten examples of differentiated goods or services. Describe profit maximization in terms of marginal revenue and marginal costs.
What market structure is this firm operating in? What would change if the structure were monopolistic competition?
Draw a perfectly elastic demand curve on top of a standard U-shaped, average-total-cost curve. Now add in the marginal-cost and marginal-revenue curves.
Illustrate effect of product differentiation on haircutters? Why society prefer situation in which entry can occur to a situation in which entry is restricted?
How would you derive the demand for milk at the local grocery store? How would you derive the demand for tuna?
The government is considering the adoption of a higher standard of success in tests for pharmaceuticals. Why is national defense called a public good?
Explain why the number of elephants and rhinos is declining in nations where the animals are housed on national parks and rising in nations.
During the past years, which sectors had the largest and smallest percentage increase in profit? Which sectors, if any, experienced losses?
What is the impact on Apple and Tesla? What is the impact on individuals who purchase the product?
Analyze the most significant economic effects of the researched issues on healthcare industry.
Suppose that preferences are convex but not strictly convex. Give a clear and convincing argument. Illustrate your argument with a two-good example.
Your company has a customer who is shutting down a production line. If you must commit to a posted price, what price maximizes profits?
What do you think they mean by this, and is it a valid conceptualization?
Find recent evidence in the Wall Street Journal and other business publications on how com- panies are expanding the use of the techniques described.
What is the dominant Nash Equilibrium Strategy for repeated prisoner's dilemma game, when both players know that game will end after one million repetitions?