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QUESTION 1
A) many factors influence buying plans and one of them is price. We look first at the relationship between the quantity demanded of good and its price.
B) Expound the concepts of market equilibrium and the effects of government intervention.
QUESTION 2: When a firm price discriminates, it looks as through it is doing its customers a favour by offering low prices to some of them. at time some firms are charging the highest possible price for each unit that it sells and making the largest possible profit. Discuss
QUESTION 3: A) Give Brief notes of each question.
The opportunity cost of holding assets as money suppose you've just inherited $10,000 from a relative. You're trying to decide whether to put the $10,000 in a non-interest-bearing account so that you can use it whenever you want (that is, hold it as ..
An expansionary monetary policy is less likely to be effective if: Assume we have the following economic data: Unemployment rate = 8% Inflation rate = 2% Annual labor force growth rate = 1% Annual increase in worker productivity = 1% Using the above ..
In the country of Drazah Larom (moral hazard spelled backward), health insurance is nonexistent and all medical markets are perfectly competitive. Use supply and demand analysis to explain the impact of the following changes on the price and output o..
Assume that the daily demand for packs of cigarettes in the tobacco-addicted nation of Pcoria is as follows:
"I'd rather have a 1% pay cut when prices fall by 3% than a 5% pay increase when the rate of inflation is 8%." This is an example of:
Using the simple household model C=[C(0)]+[C(1)]*(Y-t), assume that C(0) is $1000, taxes are $100, and C(1) is .5. What would be the impact on consumption spending if household incomes were to rise by $500? (Ignore the multiplier effects here.) What ..
Based on the population classifications we discussed relating to the labor force and unemployment, determine whether each of the following statements is true or false.
Why tax multiplier is smaller than the multiplier for the same amount of government spending? Please explain with the following data: $1 million tax cuts, $1 million increase in government spending, MPC=0.75.
Bartling Energy Systems recently reported $9,250 of sales, $5,750 of operating costs other than depreciation, and $700 of depreciation. The company had no amortization charges.
The Abner Corporation, a retail seller of television sets, wants to determine how many television sets it must sell to earn a profit of $10,000 per month. The price of each television set is $300, and the average variable cost is $100. What is the re..
Which market structure that may have two demand elasticities. Which market structure has less elastic demand?
Two laws that affect the operations of labor markets are the minimum wage law and the right to work law (where a person can choose to join a union). Who benefits and who loses from each of these laws. Give at least two examples each.
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