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Suppose you are hired to manage a small manufacturing facility that produces a particular product.
Part A) You know that you are operating in a monopolistically competitive market, that is, you are a small part of a large market with many competitors in this market. From data collected, you know that market demand has recently decreased and market supply has recently decreased.Name two shift factors/determinants that can cause the market demand to decrease and two shift factors/determinants that can cause the market supply to decrease.
Part B) Now, suppose that the following change occurs: a complimentary good goes down in price. What decisions will you make regarding production levels and pricing for your production facility based ONLY on this change (ignore the changes discussed in part a)? Should you increase or decrease production? Should you increase or decrease price?
Regulations for the banking and financial industries have existed in the United States since the beginning of our country. Give a brief overview f the history of these regulations, focusing mostly on the great depression years of the 1930's.
The great philosopher Rogers once said that you need holding knowledge (H), folding knowledge (F), and economics knowledge
Evaluate whether each of the following statements is true or false. Explain your answer and provide supporting rationale.The short-run aggregate supply (SAS) curve slopes upward because households spend more as their incomes increase.
assume that apple industry wants to merge with another software company such as microsft and has to make some long
intellectual property law is a major issue facing organizations and many organizations have been fined significant
The marginal and average cost curves of taxis in metropolis are constant at $.20/mile. The demand curve for taxi trips in metropolis is given by P = 1 - .00001q, where P is the fare, in dollars per mile, and Q is measured in miles per year.
The demand for gadgets is likely to be more price-elastic when:
OPEC is described as a classical example of what type of market? Why have they had success and failure? If OPEC had only two members, Saudi Arabia and Kuwait use game theory to describe how much production each would supply to the market. What does d..
suppose your firm produces olive oil in a perfect competitive market and is currently earning zero economic profits.
Through a five year period, the ticket sales for the football team have increased 45 percent whereas the average ticket prices have increased by 70 percent. Do these changes imply an upward sloping demand curve? Describe
Peter Higgins is a sales agent for XZY Company. He has an effort cost function of C = e2 and a reservation wage of $1,500. His wage package is W = 1,500 + 0.2Q where the CEO sets the incentive at 0.2 and Q = 200e. Q is the output. If the CEO increase..
what impact will the unanticipated increase in money supply have on real interest rate real output and employment in
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