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In modules 1 and 2, we identified two broad groups of economic factors; households and firms. In our study of demand, we looked at households as consumer units affecting demand for goods and services in the product market.
On the supply side of the product market are the economic (or business) firms that are the producers (and sellers) of goods and services. When economic times get tough, some businesses experience downturns that lead to the loss of jobs or going out of business. However, there are some businesses that survive and often thrive as a result of economic struggles.
Drawing on what you have learned so far, what type of products or business would survive in a recession? Please discuss individual behavior theory in support of your choice
Suppose than an oligopolist is charging $21 per unit of output and selling 31 units each day. Also suppose that previously it had lowered its price from $21 to $19, rivals matched the price cut, and the firm’s sales increased from 31 to 32 units. Wha..
How does the US growth rate compare to the growth rate in other countries? What besides economic freedom explains these differences?
How does an improvement in consumer confidence affect the consumption function and the aggregate demand curve?
Suppose that a 20% decrease in the price of coffee leads to a 15% decrease in the quantity of coffee supplied. Compute and give the value of the price elasticity of supply. Determine if supply is price elastic, price inelastic, or unit-elastic.
Understand why depositing cash on a checking account does not affect money supply immediately. Understand why when a commercial bank buys government securities from its clients, new money is being created? Understand why when Fed buys government secu..
It is estimated that a certain piece of equipment can save $6,000 per year in labor and material cost. The equipment has an expected life of five years and no salvage value. If the company must earn a 15% annual return on such investments, how much c..
True or false? According to the Aggregate Expenditures model, at equilibrium GDP, saving is equal to planned investment and there are no unplanned changes in inventory.
At what level of the respiratory system is the body able to exert the greatest level of overall control over airway resistance through bronchodilation
By choosing to right of mid point but to left of republican agenda democrats would get more than half of votes and win What happens if democrats have a fairly socialist party agenda and locate to left of midpoint.
Why do workers in developing countries have lower productivity and lower wages?
Increasingly, a key goal of marketing is to develop deep, enduring relationships with all people or organizations that could directly or indirectly affect the success of the firm’s marketing activities. Discuss the merits of relationship marketing. D..
What would be the potential leadership problems a Chinese manager at Lenovo might encounter as he or she moves into a senior management position at the firm’s new New York offices, where he or she will work with former IBM employees?
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