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Jae's construction company has the following short-run cost function: q3 - 10q2 + 36q. What level of output will minimize the average cost? What is the AC at this point?
If Arthur and Betty cooperate together in settling their disagreement, what is the net cost of resolving the dispute? What is the cooperation surplus?
What is the equilibrium price of wheat? What is the equilibrium quanitiy of wheat sold? Must the actual price equal the equilibrium.
Suppose the demand for good x is given by Qxd= A + βxPx + βyPy + βMM. By the law of demand, the value of βx must be?
Under what circumstances would government intervention likely move the outcome closer to a socially optimal solution?
What kind of unemployment (cyclical, structure, frictional) do you think this is? [Hint: remember that the Detroit area is home to the U.S. auto industry.
What is the difference between consumer surplus and producer surplus? If the domestic price of oranges is $3.00 per pound and the world price is $2.50 per pound
Also suppose that the worldwide value of gold began to increase dramatically. Explain what holders of gold could be expected to do with their gold coins.
Evaluate and compare the "vertical restraints" of the two industries / sectors for the purposes of assessing the consequences of these provisions for strategic decision making.
Describe the relevant relationship between the price of a hamburger and the quantity consumers are wiling to purchase, using a verbal statement, a numerical table, and a graph?
What would happen to the supply and demand of Super Bowl tickets if the government mandated that no more than $20 a ticket could be charged?
Why does the assumption of independence of risks matter in the examples of insurance? What would happen to premiums if the probabilities of houses burning were positively correlated?
Why are inflation and unemployment often viewed as the key challenges facing an economy? Explain your answer. Explain why Gross Domestic Product (GDP) is often criticised as a measure of economic acti
Taxes and subsidies. given the change described above, what has taken place in the market for motivational speakers?
How do the instruments of contractionary monetary policy work in principle. What are the costs of disinflation? Explain your answer based on a diagram (AD-AS).
Identify the equilibrium price. What would happen if suppliers charge less than the equilibrium price for your good or service? What happens if they charge more?
What is the net effect of transactions (a) and (b) on the U.S. balance of payments if they occur during the same year?
Suppose Qxd = 10,000 - 2Px + 3 Py - 4.5M , where Px = $100, Py = $50, and M = $2,000. What is the price elasticity of demand?
where Q = quantity, P = price, M = income, A = advertising expenditures, and PY = price of a related good. Based on this demand equation.
Compare the feasibility and efficiency of producing public goods by tax dollars versus producing them jointly with private funds.
Where x is the number of units of input. The commodity sells for $100 per unit. The input costs $50 per unit. Find the profit-maximizing amount of output.
By what percentage would a 10 percent rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve?
Determine price and service level if competitive bidding results in a perfectly competitive price-output combination.
Define absolute and comparative advantage in your own words. Explain how absolute and comparative advantages were used in your simulation. Describe the influences affecting foreign exchange rates.
Do you think the Department of Justice and the Federal Trade Commission would approve a merger between any two of the first three companies listed? Explain.