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Consider the market for pizza. Indicate whether each of the following events is more likely to impact producer behavior (supply) or consumer behavior (demand). Will supply/demand increase or decrease? a. The price of pepperoni increases. b. Minimum wage increases. c. Income decreases and pizza is an inferior good. d. A nearby Chines restaurant offers a 2 for 1 deal on its dinners. e. The price of beer falls and beer is a complementary good.
Consider the market for automobiles, and draw representative supply and demand curves. Suppose that the price of gasoline rises, and at the same time, the price of steel (an input to automobile production) falls. Show this on your graph. If you have ..
q1. the herbivores society is selling mini bbq vegetable burgers for 3.00 each. if each individual student has the
Given stable demand and supply curves for product "X", we can expect a government-mandated increase in the price of "X" to: If the supply and demand curves for a product both decrease, we can say that equilibrium:
GDP per capital (nominal) would be the actual cash of the average person in the given country has per year. It equals GDP divide by the population. What is the alternative to using PPPs for making international comparisons? This answer will likely ex..
Suppose the MWTP in periods 1 (now) and 2 (one year from now) is given by P = 8-0.4q. Marginal extraction cost = $2. r = 10%. The available supply is 20 units. Suppose 13 units are consumed in period 1 and 7 units in period 2. Calculate the present v..
Suppose you manage a convenience mart and are in charge of ordering products but do not set the price. The home office provides the prices. In your area, the income elasticity of demand for peanut butter is -.05. Due to local factory closings, you ex..
The Washington Wizards basketball team began the 2012 season with 12 losses. Tickets to the game against the Blazers cost $1.69 and against the Heat were $26. Draw on the graph: 1- supply and demand for tickets against the Blazers, with appropriate p..
illustrate what do you think will characterize the goods which the EU exports to the United States also the goods which the United States exports to the EU.
Discuss your opinion regarding whether unions are still relevant and necessary in today’s work environment. What other means might be used to ensure ‘‘employee voice’’ in the workplace?
Identify three changes that American society is undergoing, and discuss how those changes are reflected in schools? How can you as a teacher become better prepared for the cross-cultural differences that you are certain to encounter among students? H..
q. an independent trucker has the following options. if he buys expensive machinery then he can hire fewer drivers to
According to The Wall Street Journal, Mitsubishi Motors recently announced a major restructuring plan in an attempt to reverse declining global sales. Suppose that as part of the restructuring plan Mitsubishi conducts an analysis of how labor and cap..
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