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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. Can you demonstrate some of these changes graphically?
Which of the following factors makes the official unemployment rate an overstatement of the actual level of unemployment in the economy?
Define the barriers to entry into an industry. Describe how each barrier can foster either monopoly or oligopoly. Which barriers, if any, do you feel give rise to monopoly that is socially justifiable?
in calculating the incremental cost of a particular project how would you treat the possible future costs of a lawsuit
4.If the Fed buys $1 million of bonds from the First National Bank, but an additional 10% of any deposit is held as excess reserves, what is the total increase in checkable deposits if the required reserve ratio is 10%? (Hint: Start by examining T-ac..
Estimate the monthly payment if the car is purchased with a $15,000 down-payment and estimate the down-payment required to keep the monthly payment at $550
How many books and movies would maximize your level of satisfaction given the budget of $60.00 and are the charts above consistent with the Law of Diminishing Marginal Utility? Why or Why not?
Discuss whether free markets are likely to provide Pareto-optimal levels of the goods, or whether a market failure distorts the markets.
Assume that the data describe the condition of the banking system By how much could the banks increase their lending activity?
What are implicit costs? Do implicit costs contribute to the opportunity cost of production? Should an implicit cost be counted as cost? Give three examples of implicit costs.
The economy has been suffering through a recession for over a year and the government is desperate for solutions. Elections are coming up and the current administration is in danger of being replaced if something isn’t done to stimulate the economy f..
What is the structure for a firm with at least some ability to determine price? How are price and output levels determined rationally? Since price can, at least to some degree, be determined by the seller, is this firm sure to enjoy profits?
In the short run, a firm operating in a competitive industry will shut down if price is less than average total cost, less than average variable cost.
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