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in 2006, Willem de Kooning's abstract painting Woman III sold for $137.5 million. Portray this sale in a demand and supply diagram and comment on the elasticity of supply. Comedian George Carlin once mused, "If a painting can be forged well enough to fool some experts, why is the original so valuable?"
If Congress wants to use fiscal policy to prevent a recession, suggest whether they should cut taxes if there is a suspicion of a recession, cut taxes when there is confidence that a recession will happen
Find out the breakeven output and total sales revenues. Estimate the output that would generate total profit of 60,000 and total sales revenue at that output level.
Sources used to research this person 4-5 non-web based (Periodical, date, pages, etc. MLA) with works sited on the last page. Do not reference the course text book.
Why might a parent company like McDonalds or Hilton choose to franchise its local outlets rather than own them and staff them with employees?
Define cross-price elasticity, including substitutes and complements and provide a credible explanation of whether demand would tend to be more or less elastic for the share of consumer income devoted to a good.
Prepare a brief paper defining direct and indirect channels of distribution. Discuss what are the key advantages and disadvantages of each channel for your company?
Assume that Country A has a population of 500,000 and only produces one good-cars. Country A produces 100,000 cars per year. The people in Country A purchase 90,000 cars, but there are not enough cars to fulfill all the demand. They decide to impo..
George has been selling 5,000 T-Shirts per month for $8.50. When he increased the price to $9.00 he sold only 4,000 T-Shirts. What is the demand elasticity? If his marginal cost is $4 per shirt, what is his desired markup and what is his initial a..
Discuss how the actions of the Federal Reserve, specifically an increase or decrease in money supply, affect the other variables represented in the IS/LM model.
Explain how, with trade, Nebraska can end up with 40 million bushels of wheat and 120 million bushels of corn while Iowa can end up with 40 million bushels of corn and 120 million bushels of wheat.
The problem in economics in price theory deals with deriving maximum marginal utility and marginal rate of substitution and price elasticity of demand.
Discuss the current monopoly to provide a brief overview of the company. How did the monopoly arise? Did the monopoly increase barriers to entry? Does the company behave like a monopoly or more like a competitive firm?
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