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Use demand-supply analysis – with appropriately drawn graphs – to briefly explain the effects (i.e., increase or decrease) on the equilibrium price and quantity from the following:
a. In the past, the success of Tiger Woods has encouraged many your people to become interested in learning golf. What has been the effect of this on the equilibrium price and quantity for golf clubs?
b. Suppose the price of pencils increase and at the same time, the price of ink used in the construction of ballpoint pens decreases. What is the effect on the equilibrium price and quantity of ball point pens?
c. The government decides to restrict the amount of beer sold annually to 1 million bottles. What is the effect on the equilibrium price and quantity of beer?
Suppose the standards of the school are lowered so that earning the degree no longer entails psychic costs for anyone. The cost of earning the degree is now purely monetary ($c) and the same for both high-ability and low-ability workers. Under the as..
Your company has a customer who is shutting down a production line, and it is your responsibility to dispose of the extrusion machine. The company could keep it in inventory for possible future product and estimates that the reservation value is $250..
Suppose the demand for a good that monopolist produces is P = 20 - Q. The monopolist's total cost is TC = 2 + 6Q. What is the profit maximizing quantity and the price of the monopolist?
The president of the United States explains that it is necessary to impose trade restrictions, such as a tariff, on the steel-rod industry to protect workers in the domestic steel-rod industry. The president claims that without trade protection, ther..
The price elasticity of demand is a measure of how much more (or less) a consumer buys when the price of a product changes. This measurement is critical for managers to understand before deciding to change prices. Name two goods where your cross-pric..
Chris raises cows and produces cheese and milk because he enjoys:
pricing strategy varies significantly across different market structures. the pricing guidelines in a monopoly market
According to the law of increasing opportunity cost,
Under a strict command-and-control framework, suppose abatement standards are set equally across polluters. Assume the total abatement target is 30 units. Show the cost implications using three graphs, each of a different polluter with a unique MAC c..
The equilibrium of a competitive labor market is associated with
According to the Keynesian sticky price theory, a rise in aggregate demand results in ___________ price level in the near term and in __________ price level in the long term. According to Keynes, the impact of a decrease in money suppply is a: Accord..
Future value: annuity versus annuity due, What's the future value of a 10%, 5-year ordinary annuity that pays $800 each year? Round your answer to the nearest cent.
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