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Automobile manufacturers produce a range of automobiles such as sports utility vehicles, luxury sedans, pickup trucks and compact cars. What fundamental econom- ic question are they addressing by making this range of products?
a. How to produce goods that consumers want?b. What goods and services will be produced?c. Who to produce automobiles for?d. Why produce a variety of automobiles?
What might shift the aggregate-demand curve to the left Use the model of aggregate demand and aggregate supply to trace through the short-run and long-run effects of such a shift on output and the price level.
Define scarcity and opportunity cost. What role these two concepts play in the making of business decisions? What is Marginal Analysis ? (b) Why Is Marginal Analysis Important in Economics? (c) What is the role of Marginal analysis ?
What happens to the reserves of the bank? What happens to the money supply in the economy as a whole if the reserve requirement is 10%, all payments are made by check, and there is no net drain into currency? How would your answer in part b be aff..
Apple recently launched the iPod nano under 2-different versions:2GB and 4GB. There are two types of customers of the iPod nano.
How do you propose to enact these standards when you are an administrator? What is the regulation or statute for? Who does the act protect? What are the consequences for violating it? Why are laws like this good for protection? How do you propose..
(a) If two firms face the same wage and rental price of capital but spend different amounts on labor and capital, how do their isocost lines differ What happens to their isocost lines if the wage rate increases
A firm produces a product with a fully allocated average cost equal to $20. If the price elasticity of demand for the product is -5,what should the product price be set at?
Increasing jet fuel values recently led most major United States airlines to raise fares by approximately 15%. Describe how this substantial increase in airfares would affect the following;
When a perfectly competitive firm finds that its market price is below its minimum average variable cost, it will sella. any positive output the entrepreneur decides upon because all of it can be sold. b. nothing at all; the firm shuts down c. the ou..
Price fixing is a per se violation of Clayton Antitrust Act. From the materials in library and the Internet, find out an example of the price fixing case or other violations of U.S. antitrust law.
What is the invisible hand principle Does it indicate that self-interset behavior within markets will result in actions that are beneficial to others What conditions are necessary for the invisible hand to work well? Why are these conditions impor..
What role do proper rights play in creating common property resources Why are common property resources subject to market failure due to non excludability a. What two properties characterize public goods
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