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Problem: Think about a good or service for which you believe there has been a shift in demand or supply. Explain the reasons behind the shift and how that has influenced the equilibrium price.
Continue to assume that the world price is $8. Suppose the government decides not to use a tariff, and instead imposes an import quota of 10 units. What is the new market supply curve ABOVE the world price
Jones and Smith have a contract that will produce $100 in benefits for each of them if they both carry out their duties under it. If Jones breaches.
What is the equilibrium price and quantity for a Tesla Model S? Graph your supply and demand equations in inverse form (i.e. price on left side of equation
Complete the table. Compute the inflation rate from 1995 to 2010. Calculate price changes for each commodity from 1995 to 2010 measured as percentages
There is a great deal of talk about a "living wage" and many advocate a mandatory payment of such a wage by employers to their workers.
What does the sign (positive/negative) of the cross elasticity of demand tell us about the relationship between two goods? The response must be typed.
Discuss the role of cost-benefit analysis and the related concepts of cost-effectiveness analysis, cost-utility analysis, QALYs and DALYs in answering this question.
Suppose a basket of goods and services has been selected to calculate the consumer price index (CPI) and 2002 has been selected as the base year. In 2002, the baskets cost was $600; in 2004, the baskets cost was $650; and in 2006, the baskets cost..
The demand curve for tickets at an amusement park is: Q = D(p) = 1900 - 45pQ = D(p) = 1900 - 45p, p > 0 The marginal cost of serving a customer is $14.
To help you connect what you're learning in class with current events, you are required to find an economics-related news article, read it, and write a short paper connecting your findings to topics we've discussed in class.
Briefly describe the 3 main theories for divergence in economic development. Describe an argument for, and an argument or counterexample against each theory.
The Chinese have discovered crawfish (miniature lobster on menus in China) and have placed new orders with Cajun Crawfish amounting to $6 mil annually.
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