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Supply and Demand Concepts
You have been hired by a new firm selling electronic dog feeders. Your client has asked you to gather some data on the supply and demand for the feeder, which is given below, and address several questions regarding the supply and demand for these feeders.
Price/Feeder
Quantity Demanded
Quantity Supplied
$300
500
1800
270
600
1700
240
700
1600
210
800
1500
180
1000
1400
150
1100
1300
120
1200
90
60
30
900
10
Your client has asked that you develop a report addressing the following questions so that you can present these findings to their Board of Directors:
Questions:
Testifying at a price fixing trial involving Cargill Corp. and the market for chicken growth hormone, (in which the Cargill is one of only three firms worldwide), an executive for Perdue said
A Federal Reserve Bank has recruited the economic consulting firm to prepare a paper on how the use of money has changed over the past 20 years.
Compute the elasticities of demand for and supply of broccoli at the market equilibrium, and interpret the meaning of these numbers.
Describe the total shortage associated with the price ceiling. Compute the full economic price. How much is the non-pecuniary price.
Illustrate what relative amounts of capital and labor will be employed to maximize output.
Assume that 3-firms which produce a homogeneous output will compete by choosing prices and the market price P is the minimum of the 3-prices that are chosen.
Describe supply and demand, major reason(s) for the price increases and fluctuations, and international factors, if applicable. You should use at least four references.
Christy maintains her inventory levels through borrowing cash on daily basis from bank. She estimates demand for cash for the coming year will be $17,000 per day.
The public's preference is to hold their money as half cash, half demand deposit. Reserve requirement is 25%. Determine monetary multiplier.
In the US, steel production has remained constant since the 1970s at about 100 million tons per year. Large integrated companies, like United State Steel, remain important in the industry, but roughly 50%.
Coimpute how much the shortage or surplus is if there is any.
After a nation's (not USA) foreign-capital flows are frozen, a large international supply of USD dollars shows up. What happens to the quantity of USD dollars demanded.
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