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1. The summer beach house rental season is June through early September; what will happen to the price and quantity of beach house rentals in New Jersey during the summer season compared to the off-season? Is there a movement or a shift, why? Graph and explain the relationship.
2. Show graphically and explain in writing how the following demand and supply curves are likely to shift in response to the indicated changes:
a) The price of large screen LCD and plasma TVs are going down. Why?
b) The effect on the demand curve for hybrid cars (run on electric and gas and get much greater gas mileage) vs. regular cars (run only on gas) when the price of gas doubles. You need two graphs.
First, graph the supply and demand curves then show the changes in a and b above regarding quantity and price.
3. The price of houses has been going down for a few years. Graphically show and then explain what has occurred and why (reason for shift)? You can make up a reason as well as long as you support it.
Some helpful hints; you must know the reasons (determinants) for the shifts in supply or demand (and list them) in your graphs. Only one curve moves except where price of other goods are concerned (substitute or complimentary) and there is a movement on the other curve.
Microsoft Corp want to expand and has to make some long-term capital budgeting decisions. Now the industry is confronted with government regulations to oversee the merger. Analyze how the different forces will come together to create a convergence..
Suppose after taxation that the consumer is given a payroll tax rebate that happens to be exactly equal to the amount of gasoline tax he pays. Illustrate what will be the consumer consumption of gasoline now and how much will be the amount of reba..
Assume that the home country experiences technological growth in the X sector such that α increases to 12. Describe the impact on the free trade price, the pattern of trade and gains from trade.
Using the theory of oligopoly and the concept of prisoners dilemma, explain why the cigarette companies did not cut on advertising on their own to increase their profits before the law went into effect?
Assume that the federal reserve engages in contractionary monetary policy at the time when commercial banks are holding no excess reserves. identify two specific actions the federal reserve could take to accomplish their contractionary goal.
hat is your expected utility without insurance? Suppose you can buy insurance that will cover the medical expenses but not the foregone part of your salary. How much is an actuarially fair policy, and what is your expected utility if you buy it?
Are natural disasters causes of inflation or deflation. Explain where might the public see the evidence.
a firm that you have done business with recently. What industry does this firm belong to For example, McDonald's is a firm in the fast food industry. What market structure would this industry fall under What are the names of other firms in this in..
Engineers for the Off Road Skateboard Company have determined that a 10% increase in all inputs will cause output to increase by 5%.
What is a government budgetdeficit? How does a federal budget deficit affect the economy? Howdoes it affect the level of investment and interest rates? How doesit affect the individual consumer? Give at least three examples inyour response.
The following table shows nominal GDP and an appropriate price index for a group of selected years. Compute real GDP, and indicate in each calculation whether you are inflating or deflating the nominal GDP data.
The demand for polished bronze is given by P = 100 - Q/2. Production of polished bronze is controlled by Bronze Indentify BIs profit maximizing output and price. What is the cost to the town of removing the mercury pollution?
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