1- Discuss differences between market and command economy, and…
1- Discuss differences between market and command economy, and provide real-life examples of countries with market and command economy. 2- How does each system answer the three essential economic questions: What gets produced? How are goods produced? and For Whom are goods produced? 3- What are some of the cons and pros of each system? […]
A monopoly is a firm that is a sole seller in a market. Monopolies…
A monopoly is a firm that is a sole seller in a market. Monopolies can decide to set different prices for different consumers through price discrimination. In monopolistic competition, there are many firms that sell products that are similar but not identical. First, play the simulation game Price Discrimination in the MindTap environment. Your work […]
A variable input is one that __________. a.) is contracted for,…
A variable input is one that __________. a.) is contracted for, like rent or a lease on a building b.) will not change over the course of production c.) can be easily increased or decreased in the short run d.) cannot be easily increased or decreased in the […]
Identify one inelastic and one elastic goods/services that you have…
Identify one inelastic and one elastic goods/services that you have recently purchased or not, and relate your examples to the characteristics of the price elasticity of demand. Analyze the challenges a store would be facing to raise the price of an elastic and inelastic good.
The green triangle is __________ and the red triangle is…
The green triangle is __________ and the red triangle is __________. consumer surplus; deadweight loss. producer surplus; deadweight loss. producer surplus; consumer surplus. consumer surplus; producer surplus.
(1) The relationship between the total utility and the marginal…
(1) The relationship between the total utility and the marginal utility. Total utlity is the total satisfaction that a person receives from consuming or using certain goods and services. Marginal utillity is the additional satisfaction that a person receives from consuming one additional unit of a certain good or services. Total utility can increase […]
The graph below depicts a government intervention setting at a…
The graph below depicts a government intervention setting at a price ceiling of $1,500 per month for a rental apartment. What is the value for the deadweight loss in this market? – $2,500 million – $1,250 million – $1,725 million – $2,250 million
1) Suppose that at market equilibrium, the marginal private cost is…
1) Suppose that at market equilibrium, the marginal private cost is $39 and the marginal social cost is $48. What is the value of the external cost to society? 2) Suppose that at market equilibrium, the marginal private benefit is $30 and consumption generates an external benefit to society valued at $15. What is […]
Give an example of an industry with monopolistic competition….
Give an example of an industry with monopolistic competition. (Remember that this is an industry structure, and not a specific business within that industry.) Explain the benefits or detractions of this type of competition. In great detail respond to the following. Your initial post should be substantive and be supported by course concepts
Given what you’ve learned about normative and positive…
Given what you’ve learned about normative and positive statements, which of the following is a positive statement? a.) The price of milk is too low. b.) Unemployment is too high. c.) Inflation has been over 10% for the past year. d.) […]
