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Demand and Supply Essay
In the News: If you bought any good or service this week, you have already participated in the market system that operates by demand and supply. What drives the demand for any product? Why are firms willing to supply it?
Use the key word "economic news" in a Google search to find an appropriate news story or article that illustrates the ideas presented in the reading for this week.
Write a 3 to 5 paragraph summary of the information and also explain how it relates to what you have just learned. Do not copy and paste directly from the article except for small quotes that help explain your summary.
Suppose two strategically dependent firms in an oligopolistic industry: Firms A and B. Firm A knows that if it offers extended warranties on its products but Firm B does not,
Engineers at national research laboratory built a prototype automobile which could be driven 180 miles on single gallon of unleaded gasoline. They estimated that in the mass production the care would cost 40k for each unit to build.
1. organize yourselves into groups. each group is to have two or three members.2. brainstorm and select a well-defined
Provide an economic explanation of EACH of the changes you have shown in your diagram above. Be sure to discuss any adjustment process that occurs during the transition period from the economy's initial steady state to its final steady state.
Discuss the criticisms leveled by so called "classical" economists at the Keynesian model described above, from the initial simplistic responses
congress is considering a tax credit program for those who purchase energy-efficient appliances. proponents of the
Describe the advantages and the disadvantages of IaaS solutions. Define and describe load balancing. Discuss how you might use IaaS to implement load balancing.
Illustrate what are the benefits of free trade. Who are the winners and losers when the government imposes tariffs and quotas.
Elucidate a monopoly which formed naturally or through vertical or horizontal mergers.
You are given the following information for a good. Demand: Qd = 280 - 70P, Supply: Qs = -40 + 30P. What is the equilibrium price of this good? What is the price elasticity of demand at the equilibrium price
Has a deadweight loss been created? Why? Does the price ceiling cause economic inefficiency?
Suppose you are Chief Economist of the FCC. The Chairman has called you in to discuss a thorny issue. Two wireless broadcasters operate on adjacent frequencies.
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