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1.a) Define the Law of Supply? Give an example of the Law of Supply - use two to four sentences to explain your example.
b) Indicate whether the following are considered a change in supply or a change in quantity supplied and why: i. Cold weather in Florida destroys a lot of the orange crop. Therefore, there are fewer oranges in the supermarket. ii. The price of leather goes up, This induces manufactures of leather shoes to decrease production.
2. The following events occur in the market for good F, which is a normal good: a) Good F becomes more fashionable and popular. b) The price of good G, a substitute for good F, goes down. c) Consumers anticipate declining prices for good F. d) There is a surge in the population that uses good F. e) Income falls for a large subset of consumers who buy good F. f) The cost of widgets (an input used to produce good F) increases. Identify the impact of the event to the equilibrium price and quantity of each event. HINT - I suggest you draw a supporting diagram to help you work through the logic, but the diagram will not count for any marks.
3. List all seven of the influences on buying plans that change demand, and for each influence, say whether it increases or decreases demand.
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Look at consumer economics from the global perspective, and list five issues or areas of concern that require international cooperation.
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Calculate the gini coefficient and the coefficient of variation for each of the following distributions. [Hint: It will save significant time if you make use of the inequality principles (population, relative income, etc.) to simplify where possible...
A university has a fixed number of parking spaces for students on campus. They are currently sold at a price that clears the market. Suppose there is a proposal that the price should be lowered and a lottery held to determine who may park on campus. ..
Please identify a particular industry (non-government) that meets the criteria for Pure Competition or Monopoly. Explain clearly why you think the industry is in Pure Competition or is a Monopoly and evaluate it from perspectives of efficiency and eq..
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Consider a firm whose competitive advantage is built almost entirely on its ability to achieve economies of scale in producing small electric motors
Explain how does the price elasticity of demand for corn oil influence the quantity-demanded of corn oil and the Total Revenue earned by sellers of corn oil.
Based on this finding, can you conclude that the threat of capital punishment is not a general deterrent for homicide? Why or why not?
where random(1, n) returns a uniformly distributed random integer in the range 1 . . . n.
If free trade increases a domestic firm’s access to the global market place such that it can double all factors of production and realize a threefold increase in output, what happens to its average unit costs and its ability to compete in the global ..
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