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1. OPEC announces it will increase oil production by 20 percent. What is the effect on the price of oil? Demonstrate your answer graphically.
2. Draw hypothetical supply and demand curves for tea. Show how the equilibrium price and quantity will be affected by each of the following occurrences:
a. Bad weather wreaks havoc with the tea crop.
b. A medical report implying tea is bad for your health is published.
c. A technological innovation lowers the cost of producing tea. d. Consumers' income falls. (Assume tea is a normal good.)
Illustrate the consumer's opportunity set in a carefully labeled diagram. Show how the consumer's opportunity set changes when the price of good X increases to $10. How does this change alter the market rate of substitution between goods X and Y
See if the Cobb-Douglas production function fits the data given in the table and interpret the results. What general conclusion do you draw?
Over the past year Sonya bought $10,000 worth of cards. She sold these cards for $58,000. Sonya rents a shop for $5,000 a year and spends $1,000 in utilities. Sonya owns a cash register which she bought for $2,000 with savings. Her bank pays 3% a ..
Choose a specific area within your chosen career field or field of study and perform research to identify an existing problem and a proposed solution(s) to the problem.
If a concrete sidewalk costs $28,000 and lasts only 3 years versus a 9-year life for the rubber side- walks, what rate of return does this represent?
How much cloth and food will the economy produce after this increase in its capital supply? Describe how the allocation of machine-hours and work-hours between the cloth and food sectors changes. Do those changes conform with the changes described ..
It has been said that ending extreme poverty and achieving genuine development are possible but not inevitable and that this gives the study of economic development its moral and intellectual urgency. What is meant by this? Comment and evaluate.
Suppose you may choose between two machines for production atyour store. Both machines have a useful cycle of 10 years. MachineA cost $10,000, leaves an annual (EOY) income of $2,500, machine Ahas annual expenses of $1,000
Based on the factor proportions theory, how will the opportunity to trade affect relative factor prices compared to a no-trade position? Explain why.
Suppose the bank in the table below has only reserves and loans on the asset side of its balance sheet, and demand deposits on the liabilities side of its balance sheet. Assets Liabilities Reserves $36,000 Demand Deposits $300,000 Loans.
Assume the Widget Industry is composed of the following firms with associated market shares: firm Market Share A 35 B 20 C 10 D 7 E 3 The remaining market is served by about 100 small firms. What is the HHI for the Widget Industry
The crockett Land Winery must replace its present grape-pressing equipment. The two alternatives are the quick-skwish and the stomp-master. the annual operating costs increase by 12% each year as teh machines age.
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