The problem is this: d. Suppose there is a series of snow storms, what does it do to the supply and demand curves? What about if the wages for park rangers increased? Show direction of change on your graph, e. Suppose the prices increases from $2 from the equilibrium price. Use your supply and demand curves to determine th
The supply and demand for the paper firm is given by: QS=100P-5000 and QD=0.5 i + 0.2A-100P+5000 where Q is the quantity per year, P is price, I is income per household, and A is advertising expenditure. a. If A=$10,000 and I =$25,000, what is the demand curve? b. Plot the demand curve found in part A wit
Conditions that exist under perfectly competitive, monopolistically competitive, oligopolistic and monopoly markets; and real-life examples of each.
a) What are the conditions for a perfectly competitive market? b) What are the conditions for a monopolistic market? c) What are the conditions for a monopolistic competitive market? d) What are the conditions for an oligopolistic market? e) How would you explain the differences among these market structures? Identify w
A limousine service is located on the north side of Indianapolis. It specializes in transporting people to and from the Indianapolis airport, although it will deliver people anywhere in the Indianapolis area. It competes with taxis and public transportation as well as people deciding to drive their own cars. The demand for the f
Identify causes for shifts in supply and demand for computers
Use the following data for the exercises below. Price Quantity Supplied Quantity Demanded $20 30 0 $18 25 5 $16 20 10 $14 15 15 $12 10 20
4. â??Competition in quality and service may be just as effective as price competition in giving buyers more for their money.â? Do you agree? Why? Explain why monopolistically competitive firms frequently prefer nonprice competition to price competition. 9. Why is there so much advertising in monopolistic competition
Explore the different measures of the money supply, and explain why the different definitions are important.
1. Please explain. What do you think will occur to the price of marijuana if its purchase and sale are legalized? Be specific as to changes in the supply and demand curves. Personal opinion welcome. 2. Please explain How can we use the price elasticity of demand to predict the effects of public policies? Please give two
(a) Third National Bank is fully loaned up with reserves of $20,000 and demand deposits equal to $100,000. The reserve ratio is 20%. Households deposit $5,000 in currency into the bank. How much excess reserves does the bank now have, and what is the maximum amount of new money that can be created in the banking system as a resu
Explain the differences between private goods, public goods, natural monopolies, and open-access goods. Provide examples of each with your explanations.
Efficiency is a hot topic in the media regarding transportation, energy, and many other industries. Explain how perfectly competitive markets use or do not use resources efficiently. PLEASE USE ANY CITATION, EXCEPT WIKIPEDIA, ENCARTA, OR WORLD BOOK
The following graph illustrates the market for a breast cancer fighting drug without which breast cancer patients cannot survive. What is the consumer surplus in this market? How is it different from normal markets? l l / l l / l l /(supply curve) l l / l l/
Demand function Qd + 20 â?" P Supply Function: Qs = -10 + 2P Q1. Find the equilibrium price and quantity. Show your work Q2. Assume demand function has changed t0o Qd2 = 14-P. What is the new equilibrium price and quantity? Show your work Show all your work i.e. excel spread sheet, graphs and formulas used
Q1. The average total cost of operating a clinic is $800 per patient if the volume is 100 patients, and $790 per patient if the volume is 110 patients. What is the total cost at each of these two volumes? What is the marginal cost of another case within this range? Q2. Extended care facilities are paid on a per diem basis,
Kidney's (transplant) are not allocated through markets. What are the pros and cons of switching to a market for kidneys? (Note: Currently, people can volunteer to donate one of their two kidneys, and getting a kidney is dependent upon your need and prognosis (and sometimes having a relative who is a "match" donate theirs.) Plea
Amityville has a competitive chocolate industry with the (inverse) supply curve Ps =440+Q. While the market demand for chocolate is Pd=1200-Q, there are external benefits that the citizens of Amityville derive from having a chocolate odor wafting through town. The marginal external benefit schedule is MEB =6-0.05 Q. a) Withou
Exercises 1. Distinguish between the resource market and the producer market in a circular flow model. In what way are businesses and households both sellers and buyers in this model? What are the flows in the circular flow model? Application 1. The famous Swedish economist Assar Lindbeck remarked in his book on ren
1. Assume that the money market is initially in equilibrium for an economy. Explain with the aid of a diagram how the market adjusts to (i) an increase in money supply (ii) an increase in real GDP 2. Choose any economy in the world. What measures did the countryâ??s central bank adopt in the 2008 period, in the face of t
Discuss in detail ONE factor of how government involvement in the marketplace can impact or not impact the economy. Give a real life example of this factor at work. Be sure to concentrate on just this one factor and do not discuss others in your initial post.
Nominal money supply and changes in price levels affect the aggregate demand curve in different ways.
A change in the real money supply can result either from a change in the nominal money supply through Federal Reserve policy (holding the price level constant) or from a change in the price level (holding the nominal money supply constant). The change in the nominal money supply causes a shift in the aggregate demand curve, wher
Research the elasticity of beef and eggs in regards to price changes. How do supply, demand, and price controls interact to affect equilibrium price of eggs? Why do customers have a more elastic buying response to beef than to eggs?
When negative (or positive) externalities exist economists say that the market has failed to produce the right amount of the good at the right price. What do economist mean by this? How do they determine what the right amount of the good is?
The following cost and demand curves represent a monopolist (view attached graph to answer) How much profit will the monopolist earn at the profit maximizing level of output? What is the firm's Total Revenue at the profit maximizing level of output? What is the Total Cost at the profit maximizing level of output? Wha
1. Industry supply and demand are given by QD = 1000 - 2P and QS = 3P. What is the equilibrium price and quantity? At a price of $100.00, what will the quantity be? 2. The demand equation for the Widget Company has been estimated to be : Qd= 20,000 + 10 i - 50P + 20 PC Q=monthly # of widgets sold, I= average mon
Carefully explain what will happen as we move from the short run to a long run equilibrium in a monopolistically competitive industry if firms are making a positive profit in the short run. Your explanation should clearly state what will happen to the demand curve facing an individual firm and the reason why this happens.
Suppose that, in a perfectly competitive market at the profit maximizing quantity, the market price is greater than average total cost. Carefully explain what will happen to the number of firms, the market supply and the price of the good as we move from the short run to the long run.
1. What is the effect of an increase in the quantity of money? What is the difference between real variables and nominal variables? Are these variables affected by the quantity of money? If so, how? 2. What is the difference between the real exchange rate and the nominal exchange rate? If the nominal exchange rate goes from
Select a good or service in which you are familiar. What are the factors that affect the supply and demand of the good or service? (50 word count) Any help is appreciated. Thank you
I do not know how to work the answers for part b or c of the attached file.