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Suppose you are analyzing the market for minivans. What will be the impact on the equilibrium price and quantity of each of the following events on the minivan market? Justify your answer using the supply and demand model.
[A] A strike by steelworkers raises steel prices.
[B] Engineers develop new automated machinery for the production of minivans.
[C] The price of station wagon rises
[D] A stock market crash lowers people's wealth.
What is the initial effect of the tax reduction on aggregate demand? What additional effects follow this initial effect? What is the total effect of the tax cut on aggregate demand?
Write down a short memo to Ralph Sampson describing the analysis that the company should do before it makes this decision and any other considerations that would affect decision.
Aztec Enterprises depends heavily on advertising to sell its products. Management at Aztec is allowed to spend $2 million monthly on advertising, but no more than this amount.
Describe how the marginal product for a resource can change. Conclude with an explanation for what can change the demand for a resource.
To maintain utility constant an income adjustment brought the student to consume the basket (61,92). What are substitution effects and the income ?
Suppose that the market for radios is perfectly competitive and there is the simultaneous increase in supply and demand. What can be said about the new equilibrium relative to one before the shifts in supply and demand occurred?
Suppose an airline flying on the Charolette-Chicago route has estimated the demand curves for three different types of customers: business (no advance purchase), leisure (7 day advance purchase), and discount (14 day advance purchase) travellers. ..
Economists make decisions by thinking in terms of alternatives. Why do economists thinks there is no such thing as a free lunch?
What does this decision by Wal-mart tell you regarding the price elasticity of the demand curve that it faces?
Compute the expected market price. Show calculations please. How many units should you produce to maximize expected profits? What is your expected profit or loss? Again, show work.
Levi Strauss successfully markets Levi jeans on the History channel as a way for older men to stay young forever. What will happen in the jeans market ceteris paribus?
what are the capital (k) and labor (L) elasticities of production? What do these elasticities tell you? Log Q=-1.5+.52log k+.65log L
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