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A major step toward mastering the economic way of considering is learning to reason in terms of supply and demand. I have listed several questions below to answer and practice these ideas.Determine what effect would you predict on the value of rental housing in an area where several major employers have recently closed down or moved away? Would you expect the effect to be large or small and why?Determine what effect would you expect an increase in the property tax rate to have on residential rents? Would you expect the effect to be different in the long run from what it is in the short run?
A firm has estimated the following demand function for its product:
Do you think the overall level of R&D would increase or reduce over the next 20 to 30 years if lengths of new patents were extended from 20 years to, say "forever"?
What effect will each of the following have on the supply of automobile tires?
Compute the cross-price elasticity of demand between goods X and Y at the given prices. What is the own price elasticity of demand at these prices?
Describe and discuss the model of perfect competition and adopting strategies to gain market power in the competitive industries.
Marketing mix is controllable set of activities that the firm employs to respond to the wants of its target markets. Make a report on the marketing mix and keep the following questions in mind:
Discuss and explain the income and consumption relationship make sure to describe marginal propensity to consume. If you received an extra dollar, how much of it would you spend?
The long run supply curve for a particular type of kitchen knife is horizontal line at a price of dolla three per knife. The demand curve for such a kitchen knife is
Please help describe profit maximizing decision of pure monopolist firm and compare it to the profit maximizing decision of the firm in a purely competitive market and a monopolist firm in the competitive market.
Recently, there has been a lot of press about high lead content in toys made in China. This negative press can affect the foreign exchange rate in the United States dollar and Chinese yuan.
Ann McCutcheon is hired as a consultant to a firm producing ball bearings. This firm sells in two distinct markets, each of which is completely sealed off from the other. What price should managers charge in each market?
Compute the opportunity cost of an increase in the number of hours spent studying in order to earn a 3.0 GPA rather than a 2.0 GPA. Find out opportunity cost of an increase in income from $100 to $150.00
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