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Question 1.
Review the following video first to deepen your understanding of the concepts of supply and demand before you answer this discussion question.
• Supply and Demand
Choose a commodity (a good or a service) that you are familiar with and discuss how and when demand and supply have changed (shifted) for this commodity.
Provide examples of historical or current events where market demand and market supply for that commodity have shifted significantly and state the factors that you believe have caused the shift in supply and/or demand.
Suppose a person has $8 to spend only on apples and bananas. Apples cost $.04 each and bananas cost $.01 each. Furthermore, his preferences for apples (A) and bananas (B) can be represented by U = the square root of AB. Give the budget constraint, wh..
Brazil has a population of about 200 million, with about 145 million over the age of 15. Of these, an estimated 25 percent are functionally illiterate. The typical literate individual reads only about two no academic books per year, which is less tha..
Elucidate the value of a trucker's life disguised by compensating discrepancy among the two firms.
Assume a binomial probability distribution with n = 40 and p = .55. Compute the following: The mean and standard deviation of the random variable. The probability that X is between 15 and 25 inclusive.
Explain the importance and limitations of the measures of central tendency and absolute dispersion
Determine the optimal number of plants that the firm should have to take full advantage of the market demand. Calculate the firm's profit.
Is the Federal Reserve implementing expansionary or contractionary monetary policy?
The manufacturer's managers are convinced that they could make more sales if they could convince the retailers to carry a full line of products. How could the manufacturer induce its retailer to carry a fuller line of products
You are the manager of a firm that receives revenues of $60,000 per year from product X and $100,000 per year from product Y. The own price elasticity of demand for product X is -2, and the cross-price elasticity of demand between product Y and X is ..
You have an opportunity to invest in a business venture. It requires a $250,000 investment on January 1st. You will receive $70,000 in After-Tax Cash Flows per year on December 31st for 3 years. At the end of 3 years, the project will be terminated, ..
Explain what Marx meant by "the laws of capitalist motion." Have we seen any historical evidence in the US economy that these laws
You are a hospital administrator and you have a very old CT Scan Machine. The cost of annual repairs and replacing worn out parts to keep the old machine runnin
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