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1. Using supply-and-demand diagrams, show the effect of the following events on the market for sweatshirts. a. A hurricane in South Carolina damages the cotton crop. b. The price of leather jackets falls. c. All colleges require morning calisthenics in appropriate attire. d. New knitting machines are invented.
2. “An increase in the demand for notebooks raises the quantity of notebooks demanded, but not the quantity supplied.” Is this statement true or false? Explain.
What are the short- and long-term economic benefits and costs associated with our current high federal government budget deficits Do you think the economic benefits outweigh the economic costs, or not Why If we wished to reduce the budget deficit t..
IT would place more of a burden on the producers in the short run as frictional unemployment would result, but it would also take a heavy burden off the consumers purchasing the rice. would the frictional unemployment cause the net welfare to decre..
The law of demand says that the price and quantity demanded are inversely related. Thus, is demand curve positively or negative sloped?
Consider a production setting with two factors of production,one fixed in the short run.Show how isocost/isoquant analysis can be used to derive a short run average total cost curves.Label your diagramms carefully.
In a recent policy change, DeBeers has decided to: abandon its policy of profit maximization. purchase the entire output of other mines and withhold diamonds from the market to bolster diamond prices. promote "premium diamonds"
New York, had a serious ice storm. Electric power was out in houses for many days. The demand for power generators rise dramatically, Yet the local businessmen did not increase their prices.
Government spending is often too small to have the impact that governments usually want to see on the economy. However, something occurs in the economy after the initial government injection which makes the end result much larger than the initial ..
Define cross-price elasticity, including substitutes and complements and provide a credible explanation of whether demand would tend to be more or less elastic for the share of consumer income devoted to a good.
The queue length and waiting time for clients including and excluding the service time and the probability that there will be more than 2 customers waiting
Explain carefully why it makes better sense to shut down rather than continue to operate or to continue to operate rather than shut down, as the case may be. How do fixed costs play a role in your analysis
The future possibility of doctors examining X-rays and performing other responsibilities from remote locations through the Internet. How will this change affect international business?
how does charging the monopoly a specific tax of 10 per unit affect the monopoly optimum and the welfare of consumers, the monopoly and society?
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