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Show the effect of each of the following events on the market for coffee by stating 1) if the equilibrium price went up, down, or stayed the same and 2) if the equilibrium quantity went up, down, or stayed the same. HINT – it is helpful to draw Demand/Supply diagrams to work these out.
a) A new study finds that coffee is good for the heart, reducing cholesterol if consumed daily.
b) The price of tea decreases substantially – assume that tea is a substitute for coffee.
c) Wages increase substantially in countries that grow coffee beans.
d) A fertilizer that increases the yield per acre of coffee beans is discovered.
e) A tropical storm destroys a large percentage of the Columbian coffee bean crop, a major source of coffee for the U.S. market.
How would you conclusion change for the winter months, if bad weather makes it likely for traffic jams on the highway to increase to 6 days per month?
Say you are the manager of a perfectly competitive firm selling a product. Your business is making a loss because total revenue is less than total costs.
Where Q is the production and V is the number of employees working 8 hours a day
Elucidate why the equilibria found in part (a) are only short-run equilibria. What will happen in the long run.
Find out the optimal price-quantity if the firm can price discriminate but cannot charge a two part tariff.
if the original amount of loan is for $24000 and interest is 1/2% per month on the unpaid balance, explain how much will Kris's payments be.
q.the total demand as well as for money is equal to the transactions demand as well as plus the asset demand as well as
If the interest rate rises from 10 to 12%, compute what will happen to his consumption levels in period 1 and 2.
Algebraically describe the market equilibrium price/output combination. Find out the price below which the firm will go out of business.
Illustrate what is the equilibrium price and quantity of hotel rooms on Manhattan Island.
Suppose that the short-run price elasticity of the supply of gasoline is 1.6. If the price falls by 5%, the quantity supplied will change by _________.
using IS-MP and PC graphs analyze the following scenario on the economy specifically, how and why will real output (GDP) be affected in the short run.
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