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What are the main determinants of equilibrium of demand and supply? Which is likely to have more of an impact on supply and therefore market equilibrium: the demand for orange juice or the demand for a particular brand of orange juice?
Suppose Billy drinks two cups of coffee a day no matter what the price. What does this mean in terms of supply and demand equilibrium?
Zeyton manufacturing company is a food producer operating out of Orange County California. The management team has estimated the following cost function: What is the "minimum efficiency scale" or output for this company?
Two firms compete in a market to sell a homogeneous product with inverse demand function P = 400 - 2Q. Each firm produces at a constant marginal cost of $50 and has no fixed costs. Use this information to compare the output levels and profits in sett..
The higher a country's tax rates, the more likely that country will be:
According to the New York Times (11/18/06) the number of car producers in China is increasing rapidly. The newspaper reports that “China has more car brands now than the United States.” But while car sales have climbed 38% in the first three quarters..
Discuss how government intervention to address a market failure might worsen the situation. Provide an example of where government intervention does work and why that is so.
The market for grapes is given by the following supply and demand equations: Q = 120 – 15P Q = 20 + 5P a. Identify the demand function and the supply function. b. Compute for the equilibrium P* and Q* (Q*, P*). c. Compute the PED at (Q*,P*) AND the P..
Ross White’s machine shop uses 2500 brackets during the course of a year, and this usage is relatively constant throughout the year. These brackets are purchased from a supplier 100 miles away for $15 each, and the lead time is 2 days. Develop a tota..
A "tight money" policy by the Fed.
Rise in the price reduce the quantity demanded, assuming price elasticity remains constant along the demand curve.
Why does the slope of the aggregate supply curve change from the short run to the long run? What are the differences between classical theory and what Keynes believed?
1. If a 20 increase in the price of a commodity caused a 30% decline in its purchase, acalculate the corresponding demand elasticity for the commodity Is demand elastic? 2. Outline the differences between Adam Smith and Mercantilists with respect t..
Suppose that the velocity of circulation of money is constant and equal to 5. If the Fed increases the supply of money by 5%, which of the following statements can we claim to be true with certainty?
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