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Trend in Consumption Patterns
Analyze the basis for the trends in consumption patterns discussed in the article below. In the analysis, consider the utility derived from the meats mentioned, describe what has occurred to change the demand for or the supply of the meats, market prices of the meats and its price elasticity of demand
In Bayonne, New Jersey, there is a large beauty salon and a number of smaller ones. The total demand function for hair styling per day is Q=180-10P, where P is in dollars.
A new hybrid car manufacturer is trying to decide among making and buying its parts and components. it has complied the following data per vehicle produced:
What does Friedman believe about expansionary monetary policy? Do you think Keynesian economists would agree?.
Explain what happens to the nation's aggregate supply curve, the short-run equilibrium level of output, and the price level if:
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Draw a diagram showing the current situation of the firm. In addition to the above information, suppose the price of the output is $13/unit, if the firm wants to maximize its profit, what should it do? Explain in detail with the aid of a diagram.
Suppose you're an economic advisor in charge of trying to raise a maximum level of tax revenue for the government. You consider taxing the suppliers in the market for corn, a major agricultural product in the United States.
Explain how do you go about drawing an indifference for such a utility function.
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