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1.) Suppose the price elasticity of supply for new homes is 0.25 in the short run and 1.05 in the long run.
a. If the average home price falls from $110,000 to $90,000, what happens to the quantity of new homes supplied in the short run?
b. How does the quantity of homes supplied change in the long run
2.) The market for corn is currently in market equilibrium. Graph this situation. On your graph show what happens to the quantity of corn and the price in the market as the use of ethanol fuels becomes more widespread at the same time that a drought destroys one-third of the corn crop.
Describe the law of demand. Why does a demand curve slope downward? What are the determinants of demand? What happens to the demand curve when each of these determinants changes?
Describe a market situation in which the operating company faces economic difficulties and need to cut costs. What cost cutting strategies may the operating company employ to remain profitable?
What factors might these types of stores have in common behind their declines? How would you determine which were important and which were not?
If you decide to use $34,000 as your working estimate of marginal costs, what increase in Custom's purchases would be necessary for the proposal not to reduce GM's profits on this account?
Describe the difference between monopoly and oligopoly, the welfare effects of monopoly, cost advantages that create monopolies, government actions which create monopolies.
Assume that the two rival "Super Stores", Walmart and Target both adopt price matching rules. If people can discover lower advertised values on any items they sell, then they will match the lower prices.
Give an example of how you would use this information to set the price for your product in the market place and explain one factor in detail about how shifting demand and supply curves makes market demand estimation difficult
Label the points representing choice C and choice D. If you are at choice C, what is your opportunity cost of increasing your chemistry score?
Select any industry with which you are familiar. Make a graph of this market in equilibrium. Provide 2-examples for industry of conditions which would change supply and two that would change demand.
How will this change the industry output and market share for each company and is there any incentive for any company to cheat under either of the conditions in tasks a and b? Why or why not?
Determine how velocity is affected by an increase in real income (Y), an increase in the nominal interest rate, and an increase in the price level.
b. What is the Economic profit or loss you are making? c. What output level is the minimum point for Average Total Costs (ATC)? d. What output level, Q, and price/trip, P, will economic profits be zero? Note
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