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a. Explain what do you mean by demand schedule and demand curve! How the two are correlated?
b. Also explain what do you supply schedule and supply curve! How the two are correlated?
c. Describe how the market is in equilibrium!
d. Draw a graph and explain how are the effects of the following changes on the equilibrium price and quantity:
(i) Scientist states that orange consumption reduces diabete risk, and simultaneously orange farmers utilize new fertilizer that can make orange trees to produce more oranges.
(ii) Technological advancement brings about a decline in the production cost of TV screen.
An engineer estimates that the annual toll revenue from a newly proposed highway construction over 20 years will increase at a rate of 4%. The revenue for the first year is $2,000,000. What is the present value of the toll revenue if the state can ea..
Consider two economies, A and B. Both economies have the same population, supply of fiat money, and endowments. In each economy, the number of young people born in each period is constant at N, and the supply of fiat money is constant at M. Will ther..
Assume the real MARR is 8%, and the inflation rate is 5%. Find the equivalent annual cost after taxes. Does inflation increase or decrease the annual cost?
Suppose that every driver faces a 1% probability of an automobile accident every year. An accident will, on average, cost each driver $6,000. Suppose there are
Suppose at random 45% of school children develop nausea and vomiting following holiday parties and that you conduct a study to examine this phenomenon
Derive the monopoly output for period A, disregarding production in period B. What kind of equilibrium in terms of top dogs, etc. is this?
Why do you suppose the U.S. government increases its demand for imported goods? Please provide real-life examples in your response.
The price in a market is dominated by two firms is affected by the quantities supplied by both firms, Q1 and Q2: P = 100 - (Q1 + Q2). The marginal cost for the two firms is identical and constant and equal to 25. Derive the equations for total revenu..
Hugo Grotius, an advocate of natural law, is considered to be the father of international law. Globalization is not a threat to sovereignty. The World Bank was set up by the United Nations. The United Nations is an example of global governance.
1. One IKEA executive says that the current global economic situation has "pushed innovation" at the company. In fact, he say, "This is a great time to be more innovative." Explain what he means.
Would a firm hire another worker if the marginal revenue product of labor exceeded the market wage rate? Why or why not?
The production of Electricity releases a harmful gas, SO2. What can the government do to maximize social well-being? Make use of a graph to illustrate your answer.
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