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1. D&Z Dry Foods Distributions specializes in the whole distribution of dry goods, such as rice and dry beans. The firm's manager is concerned about an article he read in the morning's Wall Street Journal indicating that incomes of individuals in the lowest income brackets are expected to increase by 10 percent over next year. While the manager is pleased to see this group of individuals doing well, he is concerned about the impact this will have on D&Z Dry Foods. What do you think is likely to happen to the price of the products D&Z Dry Foods sells? Why? Explain
2. Some have argued that higher cigarette prices do not deter smoking. While there are many arguments both for and against this view, some find the following argument to be most persuasive of all: "The laws of supply and demand indicate that higher cigarette prices are ineffective in reducing smoking. In particular, higher cigarette prices will reduce demand for cigarettes. This reduction in demand will push the equilibrium price and quantity back to its original level. Since the equilibrium price remains unchanged, smokers will consume the same number of cigarettes" Do you agree or disagree with this view? Explain.
Find out the average total cost and average variable cost as a function of the level of output. Assuming the firm has the same cost curves in the long-run for q>0 and C (0) =0, how much will it produce in the long-run?
Given table of data comprising real GDP and its components over a number of years, compute compound annual percentage changes in real GDP (economic growth) and compute the shares in real GDP of consumption.
Using the IS/LM model, demonstrate the effect of each of the following changes.
Compute the expected value (revenue) from each project. Compute the coefficient of variation of each project, and find out which project should the company choose. Compute the variance and standard deviation of expected value from each project.
A farm operator has asked you to help him/her determine the quantity of water that should be applied to a crop under irrigation.
What is the net effect on the money supply in the economy? Show your work. Assume instead that Sammy uses the $10,000 he receives to pay back a loan from Bad Boys Bank. $8,000 goes to repay the loan itself, and $2,000 represents his Interest payme..
Using above demanded schedule, find out the elasticity of demand for each price change. (Example: when price changes from $5 to $10, quantity demanded changes from 1000 to 800 oz., so the elasticity of demand, by using average values, is 1/3 or 0...
Suppose you decide to withdraw $100 in currency from your checking account. What is the effect on M1? Ignore any actions the bank might take as a result of the withdrawal.
Discuss at least 3 reasons why and how workers become unemployed (be specific about causes), and also cite 3 reasons unemployed workers finally land new jobs or get rehired.
If the reserve ratio is 15 percent and commercial bankers decide to hold additional excess reserves equal to 5 percent of any newly acquired checkable deposits, then the relevant monetary multiplier for the banking system will be:
Suppose that in a city there are 100 identical self-service gasoline stations selling the same type of gasoline.
Plot the wage- setting and price setting equation or a property labelled graph and identity the nature rate of unemployment.
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