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Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of demand and supply affect this product (T-I-P-E-N and P-R-E-S-T). What happens to the demand curve and the supply curve when any of these determinants change? Give examples of scenarios that would cause a change in demand versus a movement along the same demand curve and supply curve for this product. Discuss the new equilibrium price and quantity that result from these changes
The market rpice for siding and triming a house is $10,000. The Total Cover-Up Co. has fixed costs of $4,000 for ladders, supplies and so on, and the company's variable cost for siding are: Output in # of houses 2 at VC $26,000,3 housesat $32,000
A firm with market power has an individual consumer demand of Q = 20 - 4P and costs of C = 4Q. What is the optimal price to charge for a block of 20 units
In what ways did their answers to these questions agree or disagree with those provided in major economics textbooks published today? Your essay must identify at least two "major questions" and include references to each of these economists (alth..
if a person borrows 12455.37 and agrees to pay it back in 60 monthly installments of 550.55 determinea effective
Susan consumes apples and bananas. Her utility function is given by U(A,B) = AB where A is the quantity of apples and B is the quantity of bananas. Sarah is maximizing her utility by consuming 5 apples and 10 bananas. With the number of apples on ..
The average waiting time to be seated for dinner at a popularrestaurant is 23.5 minutes, with a standard deviation of 3.6minutes. Assume the variable is normally distributed. When a patronarrives at the restaurant for dinner, find the probability ..
Badyear Rubber has developed the following input costs for their truck and bicycle tires. The same rubber is used for both products. Given the constraints they face, how many units of rubber should be used for truck tires and how many should be us..
What is the average time that each customer spends from the time they get on line until after they have received the service (in minutes)?
Why are they used again near the end of the audit?
How did Pop Art challenge conventional ideas about originality? Consider the subject matter and techniques of artists like Andy Warhol and Roy Lichtenstein.
Time-series data for the last 15 years are used to estimate the regression model. E = a + bN where E is total earnings of the motion picture industry measured in dollars per year and N is the number of tickets sold in December.
Consider the Joint Density: 2(x+y) if 0 2. Calculate Fx (0.5) 3. Calculate Fy (0.5)
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