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A. Assume that someone told you that an increase in price of DVD players caused the decrease in demand for DVDs. Is this what you would predict? Why or why not?
b. Suppose that someone told you that an increase in the price of gasoline caused a decrease in the demand for public transportation. Is this what you would predict? Why or why not?
c. Suppose an economic forecasting group has determined that an increase in the price of orange juice has no effect on the demand for soft drinks? What can you conclude from this information?
d. Suppose a decrease in consumers' incomes causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? Explain your reasons.
e. How will the equilibrium price and quantity change for each good?
If the goal of the transit authority was to maximize total revenues, what is the new price it should set? Also, what would the total revenue raised in this new price scheme?
What are the profit-maximizing price and quantity? What will be the profits at these price and output levels?
Describe the issues, challenges, or disadvantages to forming the strategic alliance (focus on supply chain). Provide an example that is not included in attached reference.
The market is created by demand and supply of products in the economy. Describe the law of demand. Explain a situation in your life where you noticed this law at work.
The government decides to tax cookbooks because they feel that they encourage overeating and can lead to health issues, like obesity and heart disease. Answer the following: in 600-800 words
Political Economy GV307 : Consider the model of “no theft” where the consumer pays the official government price plus a bribe in order to obtain X. Assume that the official marginal revenue for selling the good in this context is given.
Consider the competitive market served by many domestic and foreign firms. The domestic demand for such firm's product is Qd=500-1.5P. The supply function of domestic firms is Qsd=50+.5P, while that of the foreign firms is Qsf=250.
Changes in price do not always impact demand to the same degree, and in some cases change in price impact demand very little. Such goods are said to have relatively inelastic demand.
Current economic theory and their application or lack of application to contemporary economic problems
Describe how the market for Alaskan king crab will be affected if, at the same time that medical reports confirm that suspected health benefits from consumption of Alaskan king crab meat, wages are increased for trawler men
Describe the revenue, costs, and profit that Starbucks expected when it entered this market.
What is the Marginal Rate of Transformation between sugar and tea?
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