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For each of the following events, assume that either the supply curve or the demand curve (not both shifted). Explain which curve shifted and indicate the direction of the shift.
a. Housing prices are rising but more houses are sold.
b. Australian Airlines reduces its average plane fare by 30 percent in order to attract more customers
c. From 1950 to 1979 the wages paid to fruit pickers increased while the number of fruit pickers employed decreased.
d. During the same period the price of radio sets declined, while the number of radio sets purchased increased.
A consumer has preferences between two goods, hamburgers (measured by H) and milkshakes (measured by M). His preferences over the two goods are represented by the utility function U = √H + √M. For this utility function MUH = 1/(2√H) and MUM = 1/(2√M)..
The Federal Reserve System is structured in such a way as to insulate monetary policy from the political pressures characteristic of the rest of our political system of representative democracy. Do you agree or disagree with this quote? Explain your ..
clearly show on youre graph the old equlibrium price and quantity. Can you tell for certain whether the new equlibrium price will be higher or lower than the old equilibrium price?briefly explain.
The Governor of Arkansas has asked you (her crack economic advisor) to analyze how employment in trucking and poultry processing will be affected if the legislature passes a proposed law that will increase labor cost in both industries by ten percent..
Looking at both the schedules of supply and demand, as well as the graph of the demand and supply curve for Maine Lobsters, what is the equilibrium price of lobsters and equilibrium quantity of lobsters demanded and supplied at that price?
Suppose current interest rate is 5% and you pay $250 for a bond. How much should bond pay you in one year.
In the early stage of her administration, Fed Chair Janet Yellen focused on maintaining a monetary policy of low interest rates to continue the Fed’s efforts to stimulate the economy. However, the article assigned indicates she faces some longer-term..
Although European Union is the most advanced form of regional integration, it is currently facing a challenging time. What are some of the major challenges facing the EU?
Elucidate the entities affected by industrial regulation in terms of market structure. Elucidate why industrial regulation affects those entities you identified.
Compute the elasticity of trades with respect to every inconsistent in the demand function.
Ben bakes bread and Shawna knits sweaters. Ben and Shawna both like to eat bread and wear sweaters. In which of the following cases is it impossible for both Ben and Shawna to benefit from trade.
There are n identical firms that produce microprocessor chips. Market demand is P = 1500 − Q and the cost to produce each chip is $300. Find the Cournot Equilibrium output by each firm, and the market price. How much profit does the merged firm make?..
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