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You consume only soda and pizza. One day, the price of soda goes up, the price of pizza goes down, and you are just as happy as you were before the price changes.
(A) Illustrate this situation on a graph.
(B) How does your consumption of the two goods change? How does your response depend on income and substitution effects?
(C) Can you afford the bundle of soda and pizza you consumed before the price changes?
The demand for new motor homes in the US is highly cyclical and sensitive to diesel fuel values and interest rates. Given these characteristics, explain the effect of the following on quantity demanded
Use arc-approximation formula to compute the price-elasticity of demand coefficient of the firm's product demand between the (quantity, price) points of (100, $20) and (300, $10).
Discuss the various ways governments can handle externalities, such as noise from a local airport or a barking dog or building of commercial office space or an industrial building in a residential area?
Choose any 2-of the 4-basic strategies used to preserve security and identify and explain what assumptions are created about the opponent based each of the two strategies that you select.
Several eminent economists have defined this subject in accordance with their different understanding or realization of economic problems.
Assuming you could not get the Pink ticket for free what is your (net) opportunity cost of your seeing Lady Gaga?
Suppose there is a surge in demand for olive oil after researchers discover that olive oil consumption reduces heart disease. Analyze the short and long run effects of this increased demand on you firm.
Choose a United States based company with global operations. Discuss and explain the impact of globalization on the company's cost structure, markets, currency risk, and overall strategy.
What is the total product function for Dimex? The average product function? The marginal product function?
Assume each worker is paid $10 per hour and works a 40-hours week. How many workers should the firm hire if the price of the output is $ 10? Suppose the price of the output falls to $7.50.What do you think would be the short-run impact on the firm..
The demand-supply market models (for each market below) to graphically illustrate and explain the following scenarios (in the short run). Identify for each scenario what the effects on price and quantity are likely to be. State your assumptions.
Determine what are the impacts of innovation and technology on the cost of production and explain how does technology affect market structure and real world competition?
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