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How, if at all, should you alter your production plans for the coming year?
How can you find out the right price when there are some uncertainty in your demand estimate?
Demand curve or instead involves an outward or inward shift in the relevant demand curve for new motor homes. Why?
Calculate the equilibrium quantity of rice consumed in Japan at the world price of $0.10 per pound, and indicate the quantity of rice imports at the world price
Determine the industry's supply curve and graph it. Suppose the normal production process for beet sugar uses high-sulfur oil for fuel
(a) Determine the firm’s profit-maximizing level of output. Compute its profit.
Illustrate and explain how this mechanism works to achieve market equilibrium between supply and demand forces.
In numbers, how much producers’ surplus is gained in this market? How much consumers’ surplus ? How much social surplus ?
What is dead weight loss? How does seller market power create dead weight loss? Explain and demonstrate.
Draw the supply and demand curves for Grimyville apartments and show the consumers and producers surpluses.
(1) Estimate the demand equation. (2) Estimate the TC function. (3) What is the profit-maximizing quantity?
If the consumer surplus is small, does it mean that the demand will be greater for regulation or the supply will be smaller for regulation?
Question: What does it mean for the good to be elastic, inelastic, or just unit elastic?
When might each of the following two rules be appropriate? (a) Maintain a constant interest rate. (b) Maintain a constant money supply.
Explain why personalized pricing or first degree price discrimination is usually more profitable than menu price.
Critically analyze and evaluate real-life economic problems and opportunities by applying economic concepts, principles, and theory.
What if the increase in value of the untaken land exceeds the value of the taken land?
Given this formula, explain why Michelman is more permissive than Pareto but less permissive than Kaldor Hicks.
Why does this distinction make economic sense? How might one draw a sensible line between a benefit conferred and a harm prevented?
Suppose the conditions of a charitable donation become illegal or otherwise infeasible. Why Does this doctrine make economic sense?
If the two owners can bargain with each other costlessly, do you expect a sale to occur (assuming both owners have to give their consent)?
What assignment of the right to use of the dock, and what rule for protecting that right (property rule or liability rule), are implied by the court's ruling?
Now suppose transaction costs are high. What information does the court need to know to decide whether granting injunction will lead to an efficient outcome?
But on this theory, quotations in unfavorable reviews would not qualify as fair use. Why would such a distinction probably not be efficient?
Discuss the costs and benefits of allowing such patents. Is there a relevant distinction between scientific "discoveries" and "inventions"?