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(A) What is the difference between a movement along a demand or supply curve and a shift of one of these curves? Why is it important to distinguish between the two?
What mistake might a businessperson make if he or she failed to make this distinction?
Consider the following newspaper excerpt explaining the increase in milk prices which occurred a few years ago:
"The biggest force driving up milk prices is the same one that has driven up prices for conventional commodities like iron ore and copper: a roaring global economy. Rising incomes in emerging economies from China and India to Latin America and the Middle East are lifting millions of people out of poverty and into the middle class."
Explain this excerpt in terms of movements along and shifts of curves. Does this excerpt assume anything about whether milk is a normal or inferior good?
(B) Describe an industry in which an unanticipated shift in demand had an important impact. What was this impact? What difference would it have made had the shift been anticipated? What was the effect of any shifts in industry supply?
A sporting goods store has estimated the demand curve for a popular brand of running shoes as a function of price. Use the diagram to answer the questions that follow. a.
You are the manager of a firm that receives revenues of $50,000 per year from product X and $80,000 per year from product Y. The own price elasticity of demand for product X is -3,
what is automatic stabilizer, example with diagram or graph please
Last year, the nation of Tigerland imported goods totaling $500 million and exported products totaling $386 million. Tigerland experienced a(n).
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i wan''t the answer of this Q Question 3 (5 marks) Most studies of firms’ long run costs have found that average costs decline as firms produce increasingly larger output levels (
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