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Demand, supply and the determination of market price
1. For a particular week in June, three families - Smith, Jones and Brown - have the demand schedule for strawberries shown below. Assuming these three families comprise the whole market, calculate the market demand for strawberries and plot it on a graph. On the same graph plot the supply function using the data in column A. What are the equilibrium price and equilibrium quantity?
Now suppose that favourable weather conditions produce a bumper crop. Growers will be willing to sell more at each of the old prices. This causes a shift of the whole supply function. Plot this new supply function from the data in column B. What are the new equilibrium price and quantity?
According to the computer industry what are positive and negative effects of either a sudden increase or decrease in the number of competitors on prices in long run.
Explain which bridges you would choose to attempt to use. (Assume you can put one foot on a bridge to see if it collapses before you attempt to cross.)
Forecast the data for 2000 again in problem 1 with exponential smoothing with w=0.3 and w=0.7. Compare RMSEs for moving average and exponential smoothing forecasts to answer if this is a better forecast than the moving average?
Compute the short run total product, average product of labor and marginal product of labor for all numbers of L between 0 and 7.
Analyse the impact of an increase in the price of crops and a (proportionately smaller) decrease in the price of fuel on a low income person who spends most of her income on food (derived from crops).
Explain how banks and individuals can use covered interest arbitrage to protect themselves when they make international financial investments.
Businesses usually decide in using automation and labor in production. An automotive environment may have high fixed costs and low variable costs,
Assume that the Keynesian short run aggregate supply curve is applicable to a country's economy. Construct appropriate diagrams to assist in answering the following questions:
Calculate the expected utility of each project and identify the preferred project according to this criterion. (c) Is this individual risk averse, risk neutral, or risk seeking? Why?
Provide the Gilbert's choices of both Bordeaux and yogurt under the following circumstances (Consider each separately):
Estimate the b coefficints of the non-linear regression and do a statistical analysis of the coefficients and what is the implication of the non-liniear regerssion to MPC?
Compute the probability of failing to stop at an intersection, given the driver was on the cell phone.
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