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Surveys indicate that Americans are becoming more and more dependent on over the counter medications such as Advil. For each of the following two scenarios, illustrate and describe the effect on both the demand and supply curves and on equilibrium price and quantity, answer should describe in words and illustrate in graphs.
(a) Rise in the price of an important ingredient used as a raw material in making Advil.
(b) A recent publication in Harvard Medical Journal has suggested that persistent use of such medicine may substantially increase the risk of Melanoma.
What's "market clearing price". Why is the market clearing price often described as an equilibrium situation? Use graphs to support the answer.
Consider a group of 10 friends who are considering going on a road trip (is that still a thing you kids do these days, or do you just sit around and look computers?). In determining whether or not to go, each friend considers both how much they would..
Consider an antique auction where bidders have independent private values. There are two bidders, each of whom perceives that valuations are uniformly distributed between $100 and $1,000. One of the bidders is Sue, who knows her own valuation is $200..
The table below shows the hypothetical prices and quantities demanded of a software product. Assume that the fixed cost of setting up the production of software is $200 and the marginal cost is $5.
Suppose that you have a von Neumann-Morgenstern utility function given by. Over what range of wealth is this function potentially appropriate to analyze your financial choices under risk? What is your Arrow-Pratt measure of risk attitude?
If a firm starts small and, over time, builds successively larger plant sizes or adds additional work space in an office, average total costs are most likely to
In 1970, Lyle bought a hand calculator for $200. The calculator was more accurate in its four functions of addition, subtraction, multiplication, and division than was Lyle’s $35 slide rule. In 1990, Lyle could not buy a calculator, which could only ..
Your organization is considering offering a flexible benefit plan but has been advised that it could create a higher risk for adverse selection.
You and your friend are trying to decide where to have dinner. Restaurant #1 has an average price of $20 per person and is 5 miles away. Restaurant #2 has an average price of $30 but is only 1 mile away. Determine the set of all restaurants which wou..
Just prior to a professional baseball spring training session, you are asked to assess the probability that a particular baseball team will win the coming World Series.
Discuss how an organization benefits from operational planning, and how operational planning and budget planning are related. Explain how “system thinking” improves operation decision making.
In the Keynesian-cross model, an increase in the real interest rate shifts the expenditure line _____ and short-run equilibrium output _____.
The bank you are going to get the mortgage from uses a 28% qualifying rate. How much will you need to put down in order to buy this house?
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