(1) In the first graph link below, move the green pointer on the horizontal axis to "3.0" and how many pizzas were gained and how many robots lost and why? http://highered.mcgraw-hill.com/sites/0072819359/student_view0/chapter2/interactive_graphs.html (2) Explain the difference between "rational self-interest" and "greed"
A few questions to clarify supply and demand: If the number of producers for a product declines- what happens to the supply and demand of that product? If you have two items that are complements in consumption and the price of one of them goes up, what happens to the demand of each of the items?
1. Discuss the factor(s) that determine the slope of the LM curve and whether an increase in theses factor(s) will make the curve flatter or steeper. 2. In words what does the IS curve represent? 3. What factor(s) causes the LM curve to shift? 4. In words what does the LM curve represent? 5. Is the interest rate we
13. If an oligopolistic firm decides to raise its price. A. other firms will automatically follow B. none of the other firms will follow c. other firms may follow if it is the price leader D. only some of the firms will follow 14. The main difference between perfect competition and
Microeconomics is considered to be the study of scarce resources. Here, consumers (both individuals and organizations) must make allocation decisions. These three basic trade-offs include which goods/services are to be produced, how to produce them, and who gets them. Briefly explain the three trade-offs within a specific good/s
1. Explain why personalized pricing or first degree price discrimination is usually more profitable than menu price. Why, if this is the case, do companies use menu pricing? 2. Companies often sell multiple products (e.g., such as PepsiCo produces and sells both soft drinks and snack foods such as Fritos and Lays potato chip
Suppose that, as the chair of the Fed, you decide to "put policy on automatic pilot" and require that monetary policy follow an established rule. When might each of the following two rules be appropriate? (a) Maintain a constant interest rate. (b) Maintain a constant money supply.
What does it mean for the good to be elastic, inelastic, or just unit elastic?
1. A new taco-making machine that is similar in size and cost to hog dog carts has encouraged more street vendors to begin selling tacos. What SHORT RUN impact do you think this might have on the market for hot dogs? A decrease in the demand for hot dogs B. increase in the demand for hot dogs C. d
The market for beet sugar is purely competitive and entry is free. There are 1000 producers in the industry each of which has a total cost function given by: TC= 240q - 20q² +q³ The demand: Q= 21,280 - 2P 1- determine the industry's supply curve and graph it. Suppose the normal production process for beet sugar u
GRAPHIC ILLUSTRATIONS, ESSAYS AND CALCULATIONS 1. In a free market economy, the price mechanism works to allocate scarce resources in the most efficient manner. Illustrate and explain how this mechanism works to achieve market equilibrium between supply and demand forces. How does a change in supply/demand differ from a shi
10. How does a tariff affect consumer's surplus and producer's surplus? Explain and demonstrate with a graph. 13. What is dead weight loss? How does seller market power create dead weight loss? Explain and demonstrate.
Broomsticks are manufactured by 2 firms which constitute a competitive industry. Neither firm has any fixed costs. There are two consumers, Jack and Enis. Consider the following information. Total Cost Total Value Quantity Firm
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Please refer to attached word document for instructions. 1) A monopoly firm in a small island country produces and supplies to the country. It faces a market demand curve for its products. The demand equation is linear, so is the firm's total cost (TC) function. The following table exhibits the data for Quantity, Price,
If the consumer surplus is small, does it mean that the demand will be greater for regulation or the supply will be smaller for regulation?
Determine whether True or False a) A firms labor demand curve will be more elastic if product demand is more elastic. b) The earned income tax credit has been shown to increase labor force participation. c) monopsonists are defined by their ability to set prices in the product market. d) an increase in the demand for
You have been asked by your boss to predict what the hours of work by your employees would be following a proposed raise. you have had a flexible policy of workers choosing their hours and would like to determine whether the raise would have a huge impact on hours worked. you have the resultsof studies conducted for three other
Chp 8 17. Suppose Americans can buy any number of birdcages on the world market at a price P0. American manufacturers have an upward sloping supply curve that intersects the American demand curve at a price above P0. a. At what price must American birdcages sell? Illustrate the gains to Americans from the existence of the
You are the manager of a monopoly, and your demand and cost functions are given by 2 P=200-2Q and C(Q)=2,000+3Q , respectively. a. What price-quantity combination maximizes your firm's profits? b. Calculate the maximum profits c. Is demand elastic, inelastic, or unit elastic at the profit-maximizing price-qu
How do you solve for a, b, c, e in the equations: Qd = a-bW and Qs = c+eW when you know the equilibrium wage (or price) is $4, there are 100,000 people employed, Elasticity of demand is equal to -0.4 and Elasticity of supply is equal to 0.2?
Need some info and help Trying to figure out how to go about these. 1. In a committee meeting of the United Nations you are considering the following questions: A.When is international trade an opportunity for workers? When is it a threat to workers? B.What are some of the major challenges confronting the internatio
JockMart owns a large textile factory in a small, remote community. The JockMart factory is the only source of employment for the community, so that the firm enjoys monopsony power. The supply curve for textile workers is described by L^S = 160w, where L is the number of workers hired and w is the hourly wage. JockMart's labor d
What are the reporting reasons on why gasoline prices have been fluctuating and trending upward for the past 12 months. What are the ground reasons? Where are the online sources that can provide concrete evidence? I am unable to use the Wikipedia as a source only b/c that source can be edited by students and might not ha
A government's currency trades at equilibrium for $.30. What will happen if they try to maintain an exchange rate of $.40?
Fluctuating and increasing gasoline prices. What is your analysis on this topic and relate it to the United States economy. What are the three or four segments of our economy that are affected by fluctuating prices for gasoline. A "segment" of the economy is a particular industry or business that is national in their operation.
(See attached file for full problem description) --- 1. The OPEC Cartel has had periods of success as well as failure. Of the following factors, which does not contribute to success in a cartel? a. a low price elasticity of demand for oil (inelastic demand). b. restricted supply of other forms of energy, such as nucle
BASED ON THE BELOW. WHAT COULD I CONCLUDE? SINCE I REALLY KNOW VERY LITTLE ABOUT THE AUTOMOBILE INDUSTRY? Interaction of Fiscal and Monetary Policy Intelligent fiscal policy and appropriate monetary policy allow for a stabilizing influence on United States' economy. The government is able to take action through expansion