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Demand function specifies other factors that management will often consider, including the design and packaging of products, the amount and distribution of the firm's advertising budget, the size of the sales force, promotional expenditures, the time period of adjustment for any price changes, and taxes or subsidies. For this discussion forum, consider your favorite consumer product (e.g. cell phone, car, cereal, restaurant, hair gel, etc.) and describe the variables that might be part of the demand function (i.e. substitute good, complementary good, income level, advertisement, consumer preference, etc.) for this product. How would you describe the elasticity of demand for this product - is it highly or somewhat elastic or inelastic? Why?
How do tradable permits internalize negative externalities? What is its advantages over command and control?
Essay Question: Summarize Keynes’ analysis of the Great Depression and the specific actions that would correct the sustained economic downturn. What actions were taken?
Assume Okun's law holds also a one percent (%)age point rise in the unemployment rate reduces real output by 2% of full-employment output. The expectations-augmented Phillips curve.
An aggregate production function F(K,L) gives you how much (aggre-gate) output Y can be produced using (aggregate) inputs K and L, i.e. Y = F (K,L). For each of the following production functions (a) Determine whether they have constant returns to sc..
Suppose the economy is thought to be 1 percent below potential (i.e., the output gap is −1 percent), when potential output grows 4 percent per year. Suppose the Fed is following the Taylor rule, with an inflation rate of 4 percent over the past year...
If expectations are adaptive it means that the expected rate of inflation
Explain demand schedule and demand curve, and how they are related? Why does the demand curve slope downward?
The national economy has been in a slump for several years, but recent signs of strength in much of the economy have led many forecasters to conclude that an expansion could finally be in the offing.
What are a few of the weaknesses of the payback method?
Consider two firms, located at each end of a street of length 1. There are customers uniformly distributed along this street. Customers incur transportation costs TC = 2x2, where x is the distance they need to travel in order to purchase the product...
Explain the concept of comparative advantage and the principle theories of why trade occurs and analyze and discuss the sources of comparative advantage in national economies.
Suppose that there are 1,000 firms in a perfectly competitive industry, each with a short-run total cost curve given by TC = 800 + 8Q + 0.1Q^2. What is the profit-maximizing output for each firm at a market price of $20? How much profit does each fir..
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