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Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as microeconomics or macroeconomics. Identify at least one shift of the supply curve and one shift of the demand curve in the simulation. What causes the shifts?
For each shift, analyze how it would affect the equilibrium price, quantity, and decision making.
How may you apply what you learned about supply and demand from the simulation to your workplace or your understanding of a real-world product with which you are familiar?
How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on equilibrium prince and quantity?
How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?
Explain how the price elasticity of demand affects a consumer's purchasing and the firm's pricing strategy as it relates to the simulation.
In the trade based model, the supply of a country’s currency in foreign exchange markets is primarily a function of. What does “redemption” refer to in discussions of commodity-money and the Gold Standard? What does it mean when a currency “floats?”
When you are given the units of resource, total product, and marginal product. what do you need to find to determine how many resources the firm will employ.
deluxe carpeting a leading manugacturer of carpeting sold 28 million square yards of carpeting at a price of 16 per
How much will firm 1 earn if it convinces the mayor to decrease the medallion fee by $40,000 (F = – $40) so that the medallion fee is entirely eliminated?
Analyze the economic impact of major social problems and issues such as poverty, discrimination, crime, income distribution, the role of government, and other major issues.
The RAND (short for "research and development") Corporation is a think tank located on 15 prime acres of seaside property in the center of Santa Monica, California. RAND purchased the land for its offices from the city in 1952 for $250,000.
time is important in roundabout production but not in direct production. is this statement true or false? explain. why
Explain why the Kondratiev cycle may no longer apply to the study of the US economy and its business cycles?
Matt has an inverse demand function for current movie DVDs of P(Q) = 25-3Q. The supply of DVDs is given by P(Q) = 5+Q. Matt's maximum willingness to pay for one DVD is $115. The cost of producing DVD is $25. Find the consumers' and producer's surplus..
discuss revenue streams including liability payers donations outreacheducation etc as well as grants. what types of
The United States has several laws that are intended to further fair, balanced, and competitive business practices. Do you think that such laws are effective? If so, why? If not, why not?
A(n) ____ may offer products that are either differentiated or nondifferentiated. What is the difference in profit maximization between the perfect competitor and all other types of firms?
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