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Discussion: Income and Demand
Demand by households is often affected by fluctuation in the economy and income. Think of the relationship between income and demand and discuss the following questions based on the readings and other sources you found: What are "normal" goods? Define and give an example in our current economy. What are "inferior" goods? Define and give an example in our current economy. Do you think luxury goods have more elastic or inelastic demand? Explain. Please use different examples than your classmates. Let's make it an interesting discussion.
If the manager of Impact Industries decides to produce 120 units, what will the long-run total cost and long-run average cost of producing 120 units? Show all calculations.
Using the data file (LightUpTempF2015Short2.syz or the Excel equivalent)run a regression that specifies Natural Log of Cars= f(Natural Log of Price). Extract and specify the equation.
Confusion and chaos are often at the heart of any disaster. Identify how the Incident Command System can aid in coordination efforts. Describe specific functions of the Incident Command System.
Economists occasionally use Porter's five forces framework when making a qualitative evaluation of a firm's strategic position.
What policies could be adopted to reduce urban unemployment in developing countries?
You were recently hired as a MANAGER of a company (a firm) that is facing a number of managerial issues and subsequently finding it difficult to make economic profit.
How did the Emancipation Proclamation, northern military successes, and actions by the slaves themselves combine to finally end slavery?
Which of the following examples is an adverse-selection problem and which is an incentive problem? Explain why. In each case, give one method that the restaurant might use to reduce the problem.
The American Baker's Association reports that yearly sales of bakery goods last year rose 15%, driven by a 50% increase in the demand for bran muffins
What is the equation of the marginal revenue (MR) curve of the BMC? Find the profit-maximizing quantity of newspapers sold, and the profit-maximizing price.
Method in which Herb could use capital budgeting (or investment analysis) and/or cost-benefit analysis to argue for or against a capital expansion. Create three (3) optimal decision rules for Katrina's Candies (e.g.., whether to hire more staff or hi..
Draw a process map to show the operational stages needed for full scale shoe production at ECCO A/S. Note any assumptions you have made
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