“In a certain city, the demand function for crack cocaine is q = 1,000 – p, where p is the street price. The cocaine industry is competitive.
6. OPEC is the economist’s favorite cartel to study, partly because it had such a spectacular short-run success and partly because oligopoly theory
A group of 7 players play the following game. Each writes down a positive integer that is less than 1000.
Microeconomics charts and questions with detailed answers.
a. Suppose you are studying S hours, what is the opportunity cost of the last hour of study [For example, if you are studying 2 hours then what is
Suppose that the average White household had an income of $40,000 per year, and that the average Black household had an income of $20,000 per year.
2 questions.
(1) QD = 600 – 2p, where p is the price for one airplane in millions of dollars (from now on, we will just refer to “the price”).
Critical Thinking Forum – Using Economic Science to Understand. The organizational theme of this course has been the use of critical thinking to…
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