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Calculate the competitive market-clearing price. What is the deadweight loss in both markets if the price of a crate of fresh oranges is raised to $200.
Same number of hours elsewhere at a job he liked equally well, he estimates that he could make $20,000 a year. No one else can be hired to work in the store. Suppose that the store owner gave Joe th
If the price of a bushel of apples is $80, how many bushels will Lilly produce? Is this a long-run equilibrium? If not, what will be the price of a bushel of apples in the long run? Show your work.
Netflix indicates that its growth strategy is to "focus on subscription growth in order to realize economies of scale." In this business, where do you think scale economies come from?
Calculate the profit-maximizing level of price and output if Phillips is required to charge the same price per unit in each market. What are Phillips's profits under this condition?
Increasing returns to scale refers to a situation where an increase in a firm's scale of production leads to higher costs per unit produced.
What is the diamonds-water paradox, and how is it explained? Use the same reasoning to explain why bottled water costs so much more than tap water.
Suppose that marginal utility of Good X = 100, the price of X is $10 per unit, and the price of Y is $5. Assuming that the consumer is in equilibrium and is consuming both X and Y, what must the ma
What impact would an increase in the monthly premium have on their consumer surplus or economic well being? What would be the impact of a reduction in copayments?
Construct a four-to-five page APA format paper based on the above issues. Use two external sources and demonstrate your understanding of the concepts by providing a graph of each effect as a figure
Why Indifference curves are downward sloping? If a country's growth is biased in favor of its import, this should unequivocally improve its terms of trade and its economic welfare. Use a graph to ex
Consider a simple Keynesian income-spending model of an economy described by the following equations. Calculate the equilibrium level of income. Sketch this equilibrium position using a two-dimensiona
The amount of a product that consumers buy because it keeps the price below the competitive market equilibrium. Do you agree with the student's reasoning?
Suppose anna can either wash 12 cars or wax 4 cars perday and bob can either wash 6 cars or wax 3 cars per daywhat is the opportunity cost for doing each task for anna and bob?
Now assume that income is RM70. What is the price elasticity at P = 8? Also, calculate arc elasticity at the interval between P=7 and P= 8.
Given and elasticity of demand of -2, determine a new price which will cause sales of corn to rise from 250 to 500 bushels per week.
The expansion of the car manufacturing industry causes an improvement in the assembly line, so reducing charges to each firm in that industry.
Suppose there was a huge drought in Europe that reduced farm production in half for one year. How will output and prices change in the short and long run?
If sales for balance of the year are expected to be 50000 units less because of some lost customers who do not return, should the order be accepted?
Cost is $14, average variable cost is $5, and marginal cost is #2. Draw a graph of the demand and cost conditions facing the firm.
Terry is unwilling to raise price if price hike will cause revenues to fall. Should Terry raise the price of haircuts above $15? Why or why not?
Which of the following statements is correct? Financial intermediaries are institutions through which savers can directly provide funds to borrowers.
Suppose that the tires of a certain tire manufacturer are discovered to be defective. Other things the same, this news would cause?
Payroll taxes reduce employment in a competitive model, but they have no impact on wages. Your answer should include the phrase "incidence of the tax" and a well labelled diagram.