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Q1. Describe the following:
a. Inferior Good
b. Giffen Good
c. Veblen Good
Q2. Distinguish between price ceilings and price floors.
Q3. Identify and explain two advantages and two disadvantages of price ceilings and price floors.
Q4. Distinguish between economies and diseconomies of scale.
In 2009, the Japanese beer industry was affected by two economic events: (1) Japan's government imposed on producers a tax on all beer sold, and (2) consumer income fell due to the continuing economic recession. How would each factor affect (i.e.,..
The demand for illegal drugs is inelastic. Much of the expenditure on illegal drugs comes from crime. Assuming these statements to be correct, What will happen to the amount of crime
If the AD curve were more steeply sloped, how would the economy respond differently to aggregate demand shocks (shocks to )?
Compute the marginal revenue function from the demand equation Z=8Pz^2. Determine the value of marginal revenue when the price of good Z is $30
Assume that the following data are known for a mechanical part under design: Load Stress is normally distributed with? s=15,000 psi and?s=4,000 psi Strength of part is also normally distributed with ?ST=30,000 psi and ?ST=3,000 psi What is the safety..
A grocery store in a small town has a supply curve for oranges that is given by the equation P =1/10Q + 1. Plot the supply and demand curves on a scale diagram
The corporate average fuel economy (CAFE) standard for mileage is currently 27.5 miles per gallon of gasoline (the defender) for passenger cars.
Explain why a group of economist thinks that a common currency like Euro for the region is not a good idea. Restrict your answer to the concepts discussed in the class and the case study. Page limit is one page.
Collusion is difficult for an oligopoly to maintain because, in the case of oligopoly, self-interest is in conflict with cooperation.
What compensation options are available to employers? Describe each. Many have argued that the most important reason for adopting incentive compensation is to communicate to employees how they contribute to the company's success. Do you agree or d..
a needy family of a mother and three children currently receives cash benefits that average 12 per day. the mother of
Assess a raise in tuition and if it will necessarily result in more revenue - Describe the conditions under which revenue will (a) rise, (b) fall, or (c) remain the same.
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