ECO 365 I have attached a word document with homework assignments that I am having problems understanding. Could you please provide explanations for the questions? There are 9 questions on the document. Please answer the following Economics questions 1 through 9. 1. Explain how supply and demand are used to dete
Please see the attached. I need assistance in determine the following: 1. How can I tell what the profit maximizing level of output is? 2. The average cost per unit for producing the output identified in part A? 3. What is the firm's profit or loss? 4. Is the firm operating in the long run or in the Short
Please help with the following problems. Include references. Explain the economic concepts found in the reading assignment. Discuss how the course readings relate to the context of the scenario. Be sure to include citations and references where appropriate.
Describe how relative supply and relative demand curves are determined in a single factor Ricardian model of trade.
What is the difference between a movement along and shift of the demand curve? Show the impact on the equilibrium price and quantity that results from; (1) an increase in demand, (2) an increase in supply, (3) an increase in both supply and demand. Give an example of the role of supply and demand in decision making. Could yo
What is economics? What role does economics play in your personal and organizations decisions? Give an example of the role of economics in decision making.
What's the difference between monopolistic competition, and perfect competition market models? Please use examples from the real life. What's the pricing and non pricing strategies that firms rely on to compete in monopolistic competition and oligopoly market models. What are the strategies that firms rely on in monopoly
This is an interesting time to study microeconomics. As you study supply and demand curves, let's think about what is going on with the price of refined automobile gasoline at the pump. (Henceforth we'll just call it gas). Gas had been a fairly standard example of a relatively inelastic demand curve. Back when gas was $.50 a ga
Practice problems: I need some assistance.
1. Which of the following items go together? and why? A. Change in demand B. Change in quantity demanded C. Change in price D. Movement along the demand curve E. Shifting the demand curve F. Change in income -------------------------------------------------------------------------- 2. Which of the following items go t
Assume the government cuts its purchases by $120 billion. As a result, the budget deficit is reduced by $40 billion, private domestic saving decreases by $10 billion, disposable personal income decreases by $80 billion and the trade deficit is reduced by $15 billion. By how much has national income (Y) changed? . Using demand
Consider the market for personal computers. Suppose that the demand is stable: the demand curve doesn't change. Predict the effects of the following changes on the equilibrium price of computers. Illustrate your answer with a supply and demand diagram. a. The cost of memory chips (one component of a computer) decreases. b
1. Look at the economist website at: http://www.economist.com/markets/indicators using the tables from the latest issue of the Economist, please answer the following questions. Please clearly state your assumptions that you need. Please clearly show, in detail, the calculations and steps you use to arrive at your answers. Ple
Norplant, a long-acting contraceptive, dates to the early 1990's. In the US, they were priced at $350 and in other countries at $23. a. Why would the firm price it differently in different countries? c. What do you think will happen to the price over time? Why?
1. If a 5 percent decrease in the price of long-distance phone calls leads to a 25 percent increase in the number of calls made, we can then conclude that the demand for long-distance phone calls at the current rate is ________. a. elastic b. inelastic c. unitarily e
Differentiating Between Market Structures Simulation https://ecampus.phoenix.edu/secure/aapd/vendors/tata/UBAMsims/economics2/market_structures/economics2_market_structures_frame.html Using the link provided, access and complete the Differentiating between Market Structures simulation. Based on the reading and the simula
Hi there, I need some help with these questions. Explain how each of the following events affects the equilibrium wage and the equilibrium quantity of labor (assume all else is constant with each event). Be sure to explain whether demand for or supply of labor has changed. (1) The price of output a firm produces rise
Each of the events described below will have some impact on the demand for skateboards. For each event, explain the effect of the event on supply and demand ("movement along" or "shift in"). (a) A drop in the price of skateboards. (b) A drop in the price of kneepads. (c) A decline in income.
In 1050-words The simulation is about applying supply and Demand Concepts and it is about what is best for Rental properties. 1. What causes the changes in supply and demand in the simulation? 2. How do shifts in supply and demand affect your decision making? 3. List four key points that were emphasized in the simulat
Please help with the following problem. "If it is good for society for people to own their own homes, home ownership should be subsidised with special tax advantages or subsidies." Offer a brief critique of this statement with reference to the current global crisis* *Refer for example to housing articles in The Economist
Most of us participate in the economy every day. As households, we can provide labor to firms or government in the input market and we are also consumers of goods and services in the product market. Think of a good that you have purchased in the last six months. If you haven't purchased any goods or services, you can think of so
Industry structure is often measured by computing the Four-Firm Concentration Ratio. Suppose you have an industry with 20 firms and the CR is 20%. How would you describe this industry? Suppose the demand for the product rises and pushes up the price for the good. What long-run adjustments would you expect following this change i
1. Do you think the overall level of R&D would increase or decrease over the next 20 to 30 years if the lengths of new patents were extended from 20 years to, say "forever"? What if the duration was reduced from 20 years, to say, 3 years? Which situation would create more monopoly power in the market? 2. How does monopolist
1. Which of the following provides the best evidence that economies of scale exist? a. The per-unit costs on Excel Publishing Company's manuals fell following a large order from the government. b. Alpha-Beta Inc. raised its price 10% following a 5% increase in production costs. c. Widget Manufacturing doubled its
Write a scenario that would cause a shift in labor supply and demand. The following areas have had high job growth rates and can be used for your scenario: transportation, insurance, technology, and health care industries. · Post a 200- to 300-word response that focuses on the following: o What is the area of employment? o
Industry structure is often measured by computing the Four-Firm Concentration Ratio. Suppose you have an industry with 20 firms and the CR is 30%. How would you describe this industry? Suppose the demand for the product rises and pushes up the price for the good. What long-run adjustments would you expect following this change i
Using the Internet and/or other sources of literature, locate an article concerning trends in consumption patterns. Prepare a 1,050-1,400-word paper in which you: Define economics Define Law of Supply Define Law of Demand Identify the factors that lead to a change in supply and a change in demand Analyze the bas
1. You have the following information concerning the production of wheat and cloth in the United States and the United Kingdom: Labor Hours Required to Produce One Unit United Kingdom United States Wheat 2 1 Cloth 6 5 a) What is the opportunity cost of producing a unit of wheat in the United Kingdom? In the United Stat
If the require reserve ratio is increase from 10% to 12% what will happen to the money supply in the economy? I am thinking the money supply will decrease or the money supply will initially decrease but increase later as banks increase the lendings. (not sure)
Could you please explain the following concepts and give two examples. GDP aggregate supply and demand Keynesain Theory classical theory Federal Reserve - Monetary policy money supply and interest rates ( money mulitplyer) International trade How foregin exchange rates are determined deficits Surpluses Please give