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Question 1:
The demand for watermelons is highest during summer and lowest during winter. Yet watermelon prices are normally lower in summer than in winter. Use a demand and supply graph to demonstrate how this is possible. Be sure to carefully label the curves in your graph and to clearly indicate the equilibrium summer price and the equilibrium winter price.
Question 2:
Following are four graphs and four market scenarios, each of which would cause either a movement along the supply curve for Pepsi or a shift of the supply curve. Match each scenario with the appropriate graph.
a. A decrease in the supply of Coke. b. A drop in the average household income in the United States from $44,000 to $43,000. c. An improvement in soft drink bottling technology. d. An increase in the prices of sugar and high- fructose corn syrup.
The benefits of free trade are something that most economists are willing to recognize. And yet the question of optimal trade policy can be actually quite complicated. How do the readings in this group reveal this complexity.
analysis of a proposed soda taxarticle from the wall street journal entitled soda tax weighed to pay for health
Q = 70 – 3.5P – 0.6M + 4Pzwhere ˆQ is the estimated number of units of good X demanded, P is the price of the good, M is income, and Pz is the price of related good Z. (All parameter estimates are statistically significant at the 1 percent level.)
If we assume that all firms in a perfectly competitive constant cost industry are identical, we conclude that, in the long run, product price will exactly equal the firms' minimum average total cost. Explain why this is true using supply and deman..
Marianne and Ellen want to form a corporation, Bridal Flowers Company, and thus retain the Bobbo Law Firm to prepare the articles of incorporation. Bobbo Law Firm files the articles of incorporation but Bobbo's paralegal forgot to have Marianne.
Which of following industries would you classify as an oligopoly? Which would you classify as monopolistically competitive? Explain your answer.
Explain how the price of a product is determined. Analyze how a bartender would know that the price of an exotic drink was too low or too high. Provide adequate conceptual justifications.
Alexander studies away from home. While at school, he spends all his income on air travel and economics textbooks. In a diagram with air-travel as the x-axis good, as pair increases while ptext remains unchanged, Alexander's price consumption path..
1. Consider a one-year discount bond that pays $2,000 one year from now. If the rate of discount is 3 percent, calculate the present value of the bond.
Consider the RPM (resale price maintenance) model of consumer service. Show that the levels of customer service that emerge in equilibrium are below the levels that would emerge under vertical integration
All of the questions in this Part refer to the market for gasoline. All questions are concerned only with the short run. Each situation is not related to the others. Analyze each question separately. Huge new crude oil reserves are discovered in th..
Analyze the risks involved in the foreign-exchange market and create a list of best practices that almost any organization conducting international business would find valuable.
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