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QUESTION 1:
A) many factors influence buying plans and one of them is price. we look first at the relationship between the quantity demanded of good and its price.
B) Expound the concepts of market equilibrium and the effects of government intervention.
QUESTION 2:
When a firm price discriminates, it looks as through it is doing its customers a favour by offering low prices to some of them. at time some firms are charging the highest possible price for each unit that it sells and making the largest possible profit. Discuss
QUESTION 3:
A) Give Brief notes of each question.
Alice owns a firm which produces oranges. Alice needs only two types of inputs which we call capital denoted by K and labor denoted by L. Price of capital i.e. the rental rate is r and price of labor i.e. wage rate is w. Each orange sells for p dolla..
Why do unions support minimum wages and how does an increase in the minimum wage increase the demand (not necessarily wages) for union labor?
Explain the importance of conventions to associations, and identify factors that association meeting planners consider when making a site selection.
Sweden has a floating exchange rate. It is considered that the output is lower than the potential and there is disinflation which sometimes leads to deflation. What can the central bank do in this mode to stimulate the economy? What is the impact of ..
q.assume there are 100 identical firms in an initially competitive market. market demand is given by p10-q200 and
In discussing the distribution of income among families, the term “lowest fifth” indicates. Which of the following has not been outsourced from the U.S.? Frictional unemployment is caused primarily by automation. Unemployment caused by an imbalance b..
Suppose, as we did in class, that consumers live for two periods and can either consume, save, or pay taxes with their income. Derive the lifetime budget constraint for the individual. What kinds of things can we say about the lifetime budget constra..
Oversize Transport Inc. supplies custom delivery service for very large construction equipment in the southeast region of United States. The most common lead of the specialty trucker is the Caterpillar model 740 dump truck, which is about 258 feet lo..
How does quantitative easing relate to functions of the federal reserve? What is its purpose in adding more liquidy to the banking industry? Is the federal reserve still using quanititative wasing as of 2016.
How is superior theory of comparative advantage of David Rivardo to the theory of absolute advantage Adam Smith? How the gains from trade comparative advantages emerge? Discuss the empirical evidence that supports the Ricardian model.
In the section of the text headed “Marginal Principle: Let Bygones Be Bygones,” it is emphasized that a firm, in setting output and price according to MR = MC, will disregard fixed cost.
Using supply and demand analysis, describe the effect of each of the following events on the market for coffee: Your description should include which curve shifts, supply or demand, which way the curve shifts, left or right, if the equilibrium price ..
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