U.S. winter wheat production increased dramatically in 1999 after a bumper harvest. The supply curve shifted rightward; as a result, the price decreased and the quantity demanded increased (a movement along the demand curve). The accompanying table describes what happened to prices and the quantity demanded of wheat. A. Using
The Arena Company, which sells engines, has a uniform price of $500, which is charges all its customers.
1. The Arena Company, which sells engines, has a uniform price of $500, which is charges all its customers. But, after its competitors begin to cut their prices in the California market to $400, Arena reduces its price to $400. a. Does this tend to violate the Clayton Act? b. If the Arena Company had cut its price to $300,
An announcement that smoking will harm your ability to think clearly will most likely result in a. an increase in the quantity of cigarettes demanded b. a decrease in the demand for cigarettes c. no change in smoking habits d. an increase in the price of cigarettes my answer is D Given that chicken and beef are subst
The market environment heavily influences corporate decision makeing ability. Discuss the difference in executive decisions concerning pricing, product design, and advertising between a company that exists in a perfectly competitive market and a company that lives in a monopolistic competitive market.
Think of a product that you will buy more of if its price goes up. To which category does this product belong? Provide reasons for your answer. Develop a demand curve for it. Also show the condition of market equilibrium for these categories of goods. Compare the demand curve of these goods with the goods that you will buy m
1. Managerial economics is best defined as: (Points: 7) the study of economics by managers. the study of aggregated, national economic activity. the study of how managers make decisions about the use of scarce resources. all of the above are good definitions. 2. From the standpoint of
1. Which of the following applies most generally to supply in the long run? a.Average cost must decline b.Selllers are able to make adjustments in all of their factors of production. c.Sellers are only able to make adjustments in their variable factors of production d.All original sellers will leave the market 2.Which o
The government wants to reduce the consumption of electricity by 10%. The price elasticity of demand for electricity is -0.4. The government should ________ the price of electricity by _____ a. raise; 0.04% b. raise; 2.0% c. lower; 0.4% d. raise; 25.0% Assume you earn $75,000 a year and your
Explain how the Law of Diminishing Marginal Product results in u-shaped average cost curves, both Average Total Cost (ATC) and Average Variable Costs (AVC). Hint: First explain how Marginal Product (MP) and Marginal Cost (MC) are related and then explain how MC is related to ATC and AVC. The transit authority is considerin
1-2 pages Details: In this activity you will need to go to the realtor.com website. Follow the instructions for "Finding a Home", and check housing prices for a 3-bedroom, 2-bath house in several cities, for example, San Francisco, CA; Topeka, KS; Dallas, TX; Concord MA; and Seattle, WA. Explain why housing prices vary from ci
What effect would you expect an increase in the property tax rate to have on residential rents? Would you expect the effect to be different in the long run from what it is in the short run?
A major step toward mastering the economic way of thinking is learning to reason in terms of supply and demand. I have listed several questions below to answer and practice these concepts. What effect would you predict on the price of rental housing in an area where several major employers have recently closed down or moved aw
Eaton Corp. (Industrial Equipment). Base on the company information please provide answer to the following questions 1. During the job interview, the Vice President understood that you had received rigorous training in managerial economics, and you were able to select some appropriate methods to forecast the market movement.
While sitting in your office one evening, you begin to think about some of the key microeconomic messages you want to communicate to the Board. (Key concepts include, but are not limited to, supply and demand, pricing, competition, costs & production, and economic value added.) Pick two key concepts and discuss what you will pre
Find two articles that discuss the local, state, or federal taxation of a good. Describe the effects of taxation and price controls on the economy. -Is the tax levied on the producers or consumers? -How does the tax affect supply or demand? -How does the tax affect the equilibrium price and quantity? -In this market, descr
How does monetarism differ from Interest Targeting (or is Inflation Targeting different than Interest Targeting)?
1. List the three basic questions of economics. 2. About how many business firms in the U.S. are proprietorships? 3. List the four types of investments. 4. Identify the government department that compiles the statistics on unemployment. 5. List the three automatic stabilizers that are built i
Find two sources to help answer the following questions about the industry of home building. Research any negative or positive externalities the industry produces. Does the transaction of a buyer and seller directly affect a third party? Is the effect a negative or positive externality? How does the externality impact the econom
Describe the market structure of the semiconductor industry?
The question is: identify a person, organization, or event(s) that should be given credit for the relatively low, stable rate of inflation we've had in the U.S. since the late 1980s? It seems that when Ronald Reagan became president in 1980, he helped raise the GDP, and the Keynesian Economics helped to do this. So over a
Since the September 11th attack there has been an increase in the demand for security personnel: police, air marshals, airport security, etc. How do you think the higher demand has affected the equilibrium wage? In which direction do you think the labor supply and demand shifted? Explain your reasoning.
The Lannon Lock Company manufactures commercial security locks at plants in Atlanta. Louisville, Detroit and Phoenix. The unit cost of production at each plant is $35.50, $37.50, $37.25 and $36.25, respectively; the annual capacities are 18,000, 15,000, 25,000, and 20,000, respectively. The locks are sold through wholesale
Is Microsoft a monopoly? Is the electric power industry in California an oligopoly? Explain your reasoning for each.
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, and real estate industries. o What is the area of employment? o Why has this shift occurred? o In what direction would the shift in labor supp
Build a Balanced Scorecard for the unit of the organization for which you work (Scholastic Corp. Symbol: SCHL). Identify the strategic objectives of the entire organization and the secondary objectives for the unit. Develop three specific objectives within each of the four perspectives for the unit. Each objective should have at
Using a separate supply and demand diagram for each part, illustrate the effect of the price of the yen in terms of dollars of each of the following (hint: you will have the dollar price of the yen on the vertical axis0: a. Lower Japanese price level b. Fast Japanese economic growth c. High Japane
Problem 1 Suppose a firm has the following demand equation: Q = 1,000 - 3,000P + 10A, where Q = quantity demanded P = product price (in dollars) A = advertising expenditures (in dollars) Assume for the questions below that P = $3 and A = $2,000 1. Suppose the firm dropped the pric
Questions on Comparative Advantage. See attached file for full problem description.
Please help with the following economic development problem. Demand and Supply curves. The following relations describe demand and supply conditions in the wheat industry: Qd=5,500-1,000P (demand) Qs=-4,500+1,500P (supply) Where Q is quantity measured in millions of bushels and P is the price in dollars.
1. What specific standard is applied to a company whose only contact with a forum state is through its Internet site? If you had an eBusiness, what could you do in order to limit your liability to suit in multiple jurisdictions? How could it be set up? In your opinion, would your plan be ethical? Why or why not? 2. Name o
Here are the questions that everyone should discuss: 1) When will the world run out of proven reserves of crude oil ? Pick one of the answers below, and explain clearly why you picked this answer. A) In 1,317/31 = 42 years. B) Never C) It cannot be determined. 2) When will the world run out o