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Question: 1) A key skill in economics is the ability to use the theory of supply and demand to analyze specific markets. In this week's discussion, you get a chance to demonstrate your ability to analyze the effects of a "shock" to the market for the construction of new residential and commercial real estate. Make sure to support your idea with at least one source.
Scenario: Suppose that the U.S. government increases the tariff on imported steel. Will this affect the supply or the demand for new real estate? Why? Which determinant of demand or supply is being affected? Show graphically with before- and after-curves on the same axes. How will this change the equilibrium price and quantity of real estate? Explain your reasoning and include one credible source. If you are unable to develop a graph digitally, draw your graph by hand, take a picture, then upload it to your discussion post.
Suppose demand is still described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there is a price floor of 2.94, what would be the quantity traded?
If the firm's product sells for a constant $2.00 per unit, what is the marginal revenue product of the third unit of labor?
A website offers a place for people to buy and sell emeralds, but information about emeralds can be quite imperfect. The website then enacts a rule.
Monopolies that exist because economies of scale create a barrier to entry are called:
What is the effect of a trade surplus? What is the effect of a trade deficit? How do trade deficits and surpluses affect the industry in which you work?
Institutional economics and neo-classical economics. Off-hand, which of the two seems like a more sensible approach? What are some of the elements you agree or disagree with?
Three alternatives are being considered for an engineering project. Their cash-flow estimates are shown in the accompanying table.
In some industries, merger agreements stipulate that a high-ranking executive of one company will be president or chairman of the board of the merged company.
Your boss tells you that the price elasticity of demand for hospital services is inelastic and therefore if you change the price there will be no change in the demand for hospital services. Explain whether she is correct or incorrect.
why would a country eliminate trade restrictions and encourage free trade? using the european union as an example
Which of the following statements is false a. Natural monopolies do not need to be regulated because they naturally behave to benefit society. b. Oligopoly markets require firms to behave strategically. c. Monopolistic competition produces with exces..
Unemployment is reduced due to the measures taken by the government like education for all . Explain its effect on the ppc of the Indian economy and why?
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