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Which of the following statements best describes the demand for agricultural commodities?
a) It takes a small decline in price to induce a large increase in the amount of agricultural products demanded.
b) The marginal utility of additional units of agricultural output diminishes very rapidly.
c) Small increases in income cause demand to increase by a proportionately larger amount.
d) When price declines, the resulting substitution effect is very large.
Assume that the demand and supply functions for good X are as follows: What is the equilibrium price and equilibrium quantity?
Derive the equation for the demand curve facing the airline during the winter month of January if P = $100, PC = 150, BAI = 200, and S+0 (Price should be expressed as a function of quantity.)
The Aggregate Demand for goods and services in an economy must at every moment equal the value of Real Gross Domestic Product because both are defined to be the sum of (C+I+G+X-IM).
Apply the substitution and income effects to the purchase of meat given the lower price. How is this related to the law of demand? Hint: use chicken as a substitute good in your discussion.
The marginal and average cost curves of taxis in metropolis are constant at $.20/mile. The demand curve for taxi trips in metropolis is given by P = 1 - .00001q, where P is the fare, in dollars per mile, and Q is measured in miles per year.
For each of the following transactions, identify whether or not it would be included in GDP: What is Metrica's GNP? Is it higher or lower than its GDP?
Why do you think firm 1's marginal cost is lower than firm 2's marginal cost? Determine the current profits of the the two firms. What would happen to each firm's current profits if firm 1 reduced its price to $6 while firm continued to charge $8?
The question is that if two firms in the Cornout market merge into one firm, what would the merger result in? how much of marginal cost would prevail in the market, etc are answered in a detailed in manner in the solution.
You have the following data for the last 12 months' sales for the PRQ Corporation (in thousands of dollars): Calculate a 3-month centered moving average.
Describe the difference between movement along the demand curve and a shift in demand. Provide an example to help the class understand the difference between the two.
Some commentators have argued that the failure of the “Super committee” is good thing for the economy? Do you agree?
Why is it significant for managers to understand both short run and long run supply and demand? Please give one hypothetical or real life example which illustrates your response.
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