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Question 1
(a) What is the basic economic problem? What is an example of a scarce item for a household, a firm and a society?
(b) What are the four factors of productions? Please also mention their rewards.
(c) Use a demand and supply diagram to illustrate how each of the following events affects the equilibrium price and quantity of pizza.
(i) The price of mozzarella cheese rises.
(ii) The health hazards of hamburgers are widely publicized.
(iii) The price of tomato sauce falls, but at the same time the incomes of consumers rise and pizza is an inferior good.
(d) Electric car manufacturers are increasing their use of robotics, which has the potential to increase manufacturing production. Does this cause an increase in supply or an increase in the quantity supplied of electric cars? Also, does this cause an increase in demand or an increase in the quantity demanded of electric cars? Explain.
How has Apple positioned itself to take advantage of unique designs to attract a sufficiently large niche market to surpass the competition in the United States and China?
A typical customer who buys from a firm has a demand given by P = 90 - 3 Q. The firm has a constant marginal cost MC = $18 and no fixed cost. It currently uses a uniform pricing strategy (i.e., it charges a single price for all the units it sells), b..
If the interest rate is 10 percent and the expected inflation rate is 4 percent, then what is the real interest rate?
Suppose that a new restaurant entry increased consumer elasticity of demand for the sushi appetizer from 2 to 3. The price you charge initially is $10. By how d
Consider the market for widgets (an inferior good). Suppose that we see an increase in household incomes and, at the same time, higher labor costs for widget producers. What is likely to happen to the equilibrium price and equilibrium quantity in thi..
"The extension of the public domain to include mines, quarries, oil wells, forests and water power.” As it happened, the political party had only limited success, with its Presidential candidates getting just 6 percent of the electoral vote.
A manager is trying to decide whether to purchase a certain part or to have it produced internally. Internal production could use either of two processes. If the manager anticipates an annual volume of 10,000 units, which alternative would be the bes..
Suppose the Stimulus package (The American Recovery and Reinvestment ACT of 2009) for $862 (originally it amount was approved for $787 billion and subsequently increased to $862 billion) was allocated for spending in all 3 components of the AE model ..
What is the inverse demand function? What are the best response functions? Write them in terms of Q1, Q2, MC1 and MC2.
To produce a boat, you need wood as an intermediate good. If this country imports both boats and wood, a 10% tariff rate can be imposed on boat imports, and a 5% tariff rate can be imposed on wood imports. The price of a boat is $1000 before the tari..
Describe one new method of land management that increased surplus food.
There are two countries, Mexico and Chile, and two goods, copper and oil. Copper requires copper mines as a specific factor while oil requires oil reserves as a
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