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Problem
1. In what sense is the consumer sovereign in market economies?
2. In a market economy, how will the allocation of resources be affected by technological advances which significantly reduce the cost of producing a particular good?
3. What is 'mixed' in a mixed economy?
Compute the change in the levels of consumption and investment from one year to the next, and graph them for the period 1959 to the latest available date. Are the year-to- year changes in consumption and investment of similar magnitude?
Identify a market which you feel is perfectly competitive. The firms in this structure are considered price takers, are the firms in the market you chose all selling their product at the same price? Why or why not?
Rationality and opportunity cost.- Calculate the payoff of the strategy. Calculate the full economic cost of switching to strategy (2).
What three institutions influence economics the most? Explain how each influences economics and provide examples of each.
in 2007 the potato chip industry in the northwest was competitively structured and in long-run competitive equilibrium
Two small open economies, Fixed and Flex, can be described by the Mundell%u2013Fleming model. The countries are otherwise identical except that Fixed maintains a fixed exchange rate, while Flex maintains a flexible exchange-rate regime.
Suppose that for a firm that digs ditches for laying cable or pipeline, backhoes and backhoe operators are pure complements in production, being used on a one-for-one basis. Draw the isoquants (on a graph with backhoe, “K”, and backhoe operators, “E”..
Suppose a firm has become a monopolist in the market for DVD players (remember those?). The market that lasts for exactly two periods (after 2 periods everyone switches to a newer technology). A DVD player is a durable good, so if it is sold in..
Given the products below and the events that affect them, indicate what happens to demand or supply, and the equilibrium price and quantity. Identify the determinant of demand or supply that causes the shift.
Your company’s executive vice president circulates a memo to the firm’s top management in which he argues for a reduction in the price of the firm’s product. He says a price cut will increase the firm’s sales and profits.
What organizational characteristics facilitate embracing accidents as sources of innovative products and services? Consider 3M and Post-it Notes.
Describe the possible unintended consequences if the proposed solution were implemented. Graph the market failure (prepare a slide of the graph). Graph the proposed solution (prepare a slide of the graph).
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