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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:
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.
Suppose that a firm maximizes its total profits and has a marginal cost (MC) of production of $8 and the price elasticity of demand for the product it sells is (-)3. Find the price at which the firm sells the product.
He is going to travel the world this summer and won't be working. How much must be set aside in his savings account for the 3-month summer to cover his rent for next year? The savings account earns 3% with monthly compounding.
Lauren Moore has sold her business for $720,000 also wants to invest in condominium units (
Illustrate what are the five specific events that can be expected to cause the equilibrium price of ice cream to increase.
An equal number of consumers who have a willingness to pay of $119 are allowed to buy the good at a price of $99. How will consumer surplus be affected.
Rose is a Project Manager at the civil engineering consulting firm of Sands, Gravel, Concrete, and Waters, Inc. She has been collecting data on a project however not all the data is available. She has been able to find out that the 10th pillar requir..
A firm with the ability to affect the price of its product:
The purposes of assessing the consequences of these provisions for strategic decision making.
We also observe that the proportion of workers receiving disability benefits is much lower in the US than in the latter two nations. Are these findings consistent with the work-leisure model.
Find out the real rate of interest earned by Albert in each of the three years and his total real return over the three-year period. Suppose that interest earnings are reinvested each year and themselves earn interest.
Illustrate what makes measuring economies of localization or economies of urbanization difficult.
Why might price collusion occur in oligopolistic companies. Evaluate the economic desirability of collusive pricing.
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