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Discuss one (1) recent price change of a product (or service) you were in the market to buy. Did you buy the product at the new price? Why or why not?
Was the price change you observed caused by an increase (or decrease) in the demand or supply of this product? What is the reasoning behind your response. (Hint: Prices rise when Supply goes down or Demand goes up. And prices fall when Supply goes up or Demand goes down. See graphs below for intuition.)
A number macroeconomic variables decline during recessions. One of these variables is the GDP. What other variables, besides real GDP, tend to decline during recessions? Given the definition of real GDP and its components, explain the declines in the..
Suppose that a firm’s long-run average total costs of producing an individual income tax return is $75 when it produces 1,000 returns and $75 when it produces 1,200 returns. For this range of output, the firm is experiencing
A foundry uses 3,600 tons of pig iron per year at a constant rate. The cost per ton delivered to the foundry is $145. It costs $92 to place an order and $18 per ton per year for storage. Find the minimum-cost purchase quantity.
To get a loan from the federal reserve, a bank can: Which of the following economies did not experience a financial crisis in the last twenty years. In 2007-2008, the Fed deviated from the Taylor rule because as inflation rose over that period, the F..
Calculate the income elasticities of demand for the following: Income rises by 5 percent; demand decreases by 5 percent. Income rises from $75,000 to $90,000; demand decreases.
New source bias may exist for mobile sources. Briefly discuss why this bias leads to a solution that is not cost-effective. What policies would you implement to eliminate this bias?
From the scenario, determine the appropriate type of market structure for the situation in question. Cite at least four (4) defining characteristics that have helped you reach this decision regarding the appropriateness of the chosen structure. Recom..
Firms that can identify two types of consumers can price-discriminate perfectly. Firms can price-discriminate only if there is zero competition in the market. Firms that price-discriminate will not reach higher profits.
1. Create a table listing all tasks separately, with their duration. 2. Identify all dependent tasks, and indicate what predecessor tasks are required.
Explain what is meant by "contribution analysis". Carefully define the term and provide examples to illustrate it.
The state of Minnesota is considering building a highway through undeveloped wilderness. The construction will take 1 year and the construction costs are estimated at $10 million. Find the annual value of benefits which generates a zero net present v..
Describe the demand and marginal revenue curves faced by a firm in a purely competitive market. Are they different from those faced by a firm in oligopolistic competition? If so, why?
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