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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?
How Walmart''s marginal product labor related to its marginal product?
ORDINAL THEORY: INDIFFERENCE CURVE APPROACH In indifference curve approach consumer is assumed to be rational, so that consumer's objective is to maximise her utility by choos
Assume that an economy's GDP Y=5000. Also assume that the government runs a deficit where tax revenue T=1000 and government expendituresG= 1500. The consumption function is represe
C=Ca+.95(Y-T) Ca=400-20r T=1200 + .4Y (M/P)^d = .35Y - 5r (M^s/P)=2000 Ip=1500-20r G=2200 NX=500-.06Y a. Compute the multiplier b. Derive the equation for Ap c. Derive the equatio
brifly explian
disuss with an aid of a diagram the kinked demand curve
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Need answers for the questions (Chapters 10, 11 & 12) Please see attached questions. Thanks!
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