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Briefly analyze in terms of supply and demand the effects upon the given market of the following events. Are these changes a shift in the demand curve, a shift in the supply curve, a movement along the demand curve, or a movement along the supply curve? (More than one will apply. Be sure you understand why.) Explain briefly. Draw a graph.
20,000 workers move from Michigan’s Upper Peninsula to Wisconsin in order to take advantage of higher manufacturing wages in Wisconsin. (Discuss the effects in both labor markets, Michigan and Wisconsin. Think about why wages might initially be different in the two states. Hint: It is critically important that the migration is a response to a difference in wages.)
The deployment of troops from a particular military base reduces the local population by 10% overnight; within days 100 local barbers go out of business. (Discuss the local market for barbers.)
New regulations limit the amount of fish that can be caught off the coast of Maine, and 16 percent of professional fisherpersons wind up working in other industries.
Why the incidence of the tax a consideration when government imposes this tax increase.
Illustrate what role does Macroeconomics play in your personal financial decisions and that of your place of work or firm you are familiar with.
Amend the diagram and use similar algebra to figure out Illustrate what happens again.
Write equations for APL and MPL and graph them on the same set of axes. b. At what level of L is MPL at its maximum level? At what level of L is APL at its maximum level?
A firm sells its product in a perfectly competitive market where or firms charge a price of $80 per unit. Illustrate what price should firm charge in short run.
Cameron visits a sporting goods store to buy a new set of golf clubs.
Analyze how a bartender would know which the price of an exotic drink was too low or too high.
Explain what happens in these two markets as the number of sellers drops to only one seller. c) explain how part b) illustrates to the first experimental principle
Each bundle that the consumer chooses, draw the indifference curve that goes through that bundle.
If the seller cannot discriminate, but must charge the same price p1 = p2 = p to each group, what will be her profit-maximizing price? Which, if any, consumer group benefits from price discrimination?
I know that the answer will be somehow related to the amount of marginal sales per day, but dont know how exactly to determine the allocation.
q.the mundell-fleming model takes the world interest rate r as an exogenous variable. lets consider illustrate what
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