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1. In December, the price of Christmas trees rises and the quantity of trees sold rises. Is this a violation of the law of demand? Explain your answer.
2. Which of the following factors will cause the demand curve for labor to shift? In which direction will this occur? Explain why your answer is correct.
(a) the demand for the product by labor declines.
(b) the prices of substitute inputs falls.
(c) the productivity of labor increases.
(d) the wage rate declines.
3. The market mechanism is the tendency for supply and demand to equilibrate, so that there is neither excess demand nor excess supply. Provide a graphical and written explanation of that statement.
4. Define the term moral hazard and apply it to the banking industry
Write the same relationship whend51, where you should usef1(z) on the left-hand side to denote the linear function ofz
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the production function fl 6l23. suppose that the cost per unit of labor is 8 and the price of output is 4 how many
Is Lionel better off in the new or old situation?
Suppose that the demand for and supply of bonds both change with the state of the business cycle. In economic expansions, the demand for bonds is given by the equation D = 200 + 2,000r and the supply of bonds is S = 500 - 1,000r.
Five separate projects have calculated rates of return of 7, 11, 15, 18, and 20 percent per year. An engineer wants to know which projects to accept on the basis of the rate of return. She learns from the finance department
Suppose that when a hotel charges $50 per night, 200 rooms are rented and when they charge $75 per room, 150 rooms are rented. Assuming a linear relationship between x, the number of rooms rented and y, the price charged per room.
You are considering buying a new car with a part of your student loan dollars as you really do not need the extra cash now. You have two alternatives with the following cost structures. Speedy Initial cost = $20,000Annual operating cost = $8,000 Us..
indicate that the short run price elasticity of demand for tires is 0.9. If an increase in the price of petroleum /used in producing tires) causes the market prices of tires to rise from $50 to $60
Suppose that two firms compete in quantities (Cournot) in a market in which demand is described by P = 260 - 2Q. Each firm incurs no fixed costs but has a constant marginal cost of 20. Suppose that after the cartel is established.
What replacement analysis technique can be used in this case? When should the drill press be replaced with the new drill press having EUAC of $7000?
Missy Walters owns a mail-order business specializing in clothing, linens, and furniture for children. She is considering offering her customers a discount on shipping charges for furniture based on the dollar-amount of the furniture order.
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