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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?
The price of gasoline has recently come down as has the quantity. Show graphically and explain what might have caused this.
To determine whether high blood pressure affected whether a person had a stroke, a sample of 300 people who had had strokes are examined. In the sample, 37% had high blood pressure
1. Describe the process of diffusion in cells (not more than 2 pages). 2. Derive the equation for Fick's second law. 3. Draw a typical FRAP curve and explain its different re
In the long run, imports will most likely be paid for with: a. Aexports. b. The sale of real and financial assets. c. the extension of credit. d. higher domestic unempl
Diagramatic explanation of pareto optimality
Which of the following is a result of an export subsidy? a. The imposing nation always benefits from an export subsidy. b. The imposing nation suffers a terms of trade loss from an
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what is Y = C(Y,T) + G + I(r)
How central banks increase the monetary base When the Central Bank cuts the target rate, they must simultaneously increase the monetary base by buying government securities. The
Q. What do you mean by Price index? Because we are only interested in percentage change of the price level and not particular value, we can divide every price level by a given
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