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1. On separate supply and demand diagrams, draw and then explain the shifts of the demand curve for hot dogs in Bentlyville due to the following events. In each case, show the effect on equilibrium price and quality.
a) The price of tacos increases.
b) The price of milk shakes drunk with hot dogs increases.
c) Research shows that hot dog stands help increase the spread of Covid.
d) Income falls in town. (Assume that hot dogs are an inferior good for most people.)
e) All hot dog sellers raise the prices of their French fries.
f) Fried chicken stands raise the price of fried chicken.
g) Income rises in town. (Now assume that hot dogs are a normal good for most people.)
Suppose the demand and supply are given by Qdx = 14 - 1/2 Px and Qyx = 1/4 Px - 1 a. Determine the equilibrium price and quantity. Show the equilibrium graphically. b. Suppose a $12 excise tax is imposed on the good. Determine the new equilibrium pri..
What constitutes a set of guidelines that will comprise a code of ethics for information professional?
Consider a rancher-farmer economy. Assume that the rancher has no choice over how many cows to raise but either the farmer or the rancher (or both) can build a fence to eliminate the crop damage of $150. However, the costs of installing the fence are..
Describe the major components of the promotional mix and how the healthcare organization might use these in its promotional plan.
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A business produces 4,000 units per month which it sells at $20/unit. Costs include: $10,000 on raw materials, $15,000 in wages for operators and $10,000 in wages to sales people. If the business is just breaking even, what are its fixed costs: A fir..
Your profit from winning the auction is equal to (200-bid)*probability of winning. Show that your profit maximizing strategy is bidding half of your valuation.
When interest rates in a given economy are reduced, it causes firms to employ __________ capital goods. In terms of the production function (graphed with labor on the horizontal axis and Real GDP on the vertical axis), this then causes ______________..
What is the energy source for the electron microscope? What is the energy source for the compound microscope?
Define the “natural rate of unemployment” and show that its two equations are equivalent. What are its causes and what is its significance for public policy? Define “structural unemployment” and explain its causes. Use a labor market diagram to show ..
Each year, extra cleaning staff were employed by a hotel on a temporary basis during the busy holiday period. They were not employed when the hotel was not busy. What type of unemployment occurred when the hotel was not busy?
illustrate what kind of policy would you recommend to slow population growth.
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