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Question 1: Describe your selected industry using the industry description at the NAICS website. Be sure to write in your own words.
Question 2: Identify some of the major companies in this industry. You will probably have to do a Google search for this information. For example, you could search for "Biggest U.S. Cattle Feedlots.
Question 3: Identify the goods, and/or services this industry produces. Use the information from the NAICS website. You can supplement this information with what you find in a separate Google search.
Question 4: Select one of three macroeconomic variables (real GDP, the unemployment rate, or the inflation rate) that a business person in your chosen industry should monitor, and explain why that variable is important and how it might have an impact on your selected industry.
Question 5: Describe in a sentence or two the important movements of the variable in the table and graph.
Plot both together on a supply-demand graph. Calculate the equilibrium P and Q, and show them on your graph as well. Also calculate CS (consumer surplus) at the equilibrium.
Create a variable of potential experience ptlexper, defined as age-education-6. Run a re- gression of hourly wages on education
Assume that the pure expectations theory for the term structure of interest rates holds, no liquidity or maturity premium exists, and the bonds are equally risky.
Derive the neoclassical model of investment, what are the major determinants of investment
Can you think of something that may have caused AD to be reduced in recent history? Perhaps a weather event or a natural event?
Select any four of the six summary statements and explain in detail the significance and possible causes of each item. Be sure to use the economic concepts and polices discussed in your textbook where applicable. Identify possible economic policie..
Provide your own definition of "opportunity cost". Discuss what the opportunity cost of attending college is for you, noting that the concepts of opportunity costs and explicit monetary costs are not the same.
Because bagels and cream cheese are often eaten together, they are complements. We observe that both the equilibrium price of cream cheese and the equilibrium quantity of bagels have risen.
Compute the implied arc price elasticity of demand. Is a further price decrease warranted.
If airline supplied Q1, what would be consumer's gain or loss? producer's gain or loss? Change in total social welfare? Illustrate with a graph.
The monopolist has a constant marginal cost. How do the profit-maximizing price and quantity change with ages of consumers?
What are some of the issues economists study, and why is economics often called "the science of choice"? What are the foci of inquiry in microeconomics and macroeconomics respectively?
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