Analyze the factors that would affect the supply

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Reference no: EM133381041

Questions:

1. The real interest rate is forecast to rise. If you interview an accountant and an MBA student (who has just taken the Management Economics course) regarding the effect that rising real interest rates will have on the company where they both work. If all else remains the same, chances are your answers will be different. What do you think the interviewers answer? Do you think the difference should matter? Why or why not?

2. Briefly list and analyze the factors that would affect the supply of the following dd/ g products in the coming years. Do you think these factors will cause supply to increase or decrease?

Raw oil

Beef

Computer memory ICs

Hotel rooms

Credit cards issued by financial institutions

Laptops

Server-type personal computers

3. Define three types of elasticity of demand. Indicate how you (Administrator) would use the information from a paid research for your company according to which the price elasticity of demand for your product is -0.8 and not -1.2 as previously thought. In other words, would you recommend raising the prices of your products in order for your company to earn more revenue?

4. What does the identification problem consist of? What effect will this problem have on the demand estimates from the regression of a demand function? Explain the topic with the help of an example.

5. Define the law of diminishing returns. Why is this law considered a short-term phenomenon? Illustrate your answer with an example.

6. If it were not for the law of diminishing returns, the average cost and the average variable cost of a company would not increase in the short term. Do you agree with this statement? explain.

7. Why do economists consider economic utility equal to zero as "Normal"?

8. Define mutual interdependence in the field of oligopolistic competition. Give a real life example.

9. Describe the properties of Baumol's revenue maximization model. Do you consider that it is a good alternative to the utility maximization model? explain.

10. What reasons justify government interference in the market economy?

Reference no: EM133381041

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