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The world market demand for iron ore exemplifies a typical demand relationship. On your answer sheet, draw a graph of the initial market demand curve for iron ore in the world.
Assuming iron ore is a(n) normal good, a(n) decrease in price of a related good (particularly a substitute in consumption) leads to (increase, decrease, no change) in demand for iron ore in the world. Now, on the same graph (from above), show the effect of this decrease in the price of a related good (particularly a substitute in consumption).
Growth without diminishing productivity of capital suppose that the production function is Y=AK. What is the condition for the growth rate of capital per worker, ?what does the s*(y/k) curve look like? What are the growth rates of capital and output ..
Classical economic theory says there is a linkage between investment and savings. Explain the source of this linkage. What is the argument that says this link is not as strong as classical economists believe? (Hint: Differentiate between the parties ..
A consumer consumes 2 goods (X and Y) and has convex indifference curves for the two goods. In period 1 the price of each good is 2 and the consumer’s income is 8. In period 2 income and the price of Y are constant, but the price of X declines to 1. ..
The own price elasticity of demand for apples is −1.5. If the price of apples increases by 10 percent, what will happen to the quantity of apples demanded? You are the manager of a supermarket, and you know that the income elasticity of peanut butter..
Salespeople working independently for the same company who are individually accountable for their work could be an example of a: Project organizations often employ a _____ structure. The instance of a vice-president of marketing assigning a task to a..
According to an article in the Wall Street Journal the price of flat-screen televisions fell between 2001 and 2004 from more than $8,000 to about $3,000. During that period Sharp, Matsushita Electric Industrial, and Samsung all began producing flat-s..
Gordon also works 5 hours a week for the economics department to maintain that departments web page. Illustrate the economics department pays gordon $20 per hour.
If consumers perceive several goods to be homogeneous, they believe the goods to be,
If the U.S. dollar fell sharply in value and the U.S. could no longer pay its depts to foreigners, how could the IMF be of help? In what way could the IMF have been of help prior to the occurrence of these problems? How does herding behavior and self..
The conventional wisdom has been that inflation is bad for the economy. If our inflation is running higher than our trading partners' inflation, according to this argument, our growth slows and jobs are lost. Explain how the mechanism described here ..
The City of Ames issued a new series of bonds on Jan 1, 2009. The bonds were sold at par ($1,000), have a 2.5% annual coupon rate and mature in 10 years, on Jan 1, 2019. Coupon interest payments are made semi-annually (on June 30 and December 31). Wh..
Can trade and exchange occur within the firm without the exsitence of private property rights? If individual property rights are necessary for econmic success, how might the firm allow property rights? Consider illegal immigration. How would illegal ..
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