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Consider the market for automobiles, and draw represeantive supply and demand curves.a. Suppose that the price of gasoline rises, and at the same time, the price of steel(an input to automiblile production) falls. Show this on your graph. If you have no other information, what can you say about the change in equilbrum price and quanitiy?b. Now suppose that you have the additional information that the rise in gasoline prices has been relatively large, while the reduction in steel costs has been relatively small. How would this change your answer to (a)?
Customers to Live Theaters, Inc. can be divided into two groups: seniors and everyone else. The inverse demand curves for each of the two groups are given below. The marginal cost (which equals the average variable cost) of serving an additional p..
If surgeons really have the ability to increase the demand for operations, which kinds of operations will be most affected? Can you think of a way to determine which operations are unnecessary?
In a speech in late 2011, President Obama argued that: "Probably the single greatest cause of the financial crisis and this brutal recession has been the housing bubble that burst four years ago". What did President Obama mean by the "housing bub..
Illustrate is the point cross elasticity among steel and aluminum. Are steel and aluminum substitutes or complements
Over the course of product life cycle, as the firm moves through the sequence of oligopoly, monopolistic competition, monopoly, and pure competition, the profit opportunities diminish.
Name three other providers of urgent care services. Emergency departments, urgent care clinics, and walk-in clinics supply urgent care services.What sort of shift in supply or demand would result in a market equilibrium with higher prices and sale..
In a particular country in 1998, the average worker needed to work 40 hours to produce 100 units of output. In that same country in 2008, the average worker needed to work 36 hours to produce 72 units of output. In that country, the productivity o..
Given an imperfectly competitive firm in the output market where: P = P(Q) = price function where: P' 0, C'' > 0. (a) State the firm's profit function in terms of Q. (b) Find the F.O.C. that maximizes profits at Q*. (c) Interpret the F.O.C.
Farm Fresh Corporation supplies sweet peas to canneries located throughout the Mississippi river Valley Like many grain and commodity markets, market for sweet peas is perfectly competitive.
Economic forecasters predicted that consumption also GDP would increase because of higher refunds on income taxes.
Given the table of marginal utilities for CD's and century books, calculate the optimal quantity and total utility at equilibrium. Draw Sarah's budget line for part a and her budget line for part b on the same graph.
Explain how much control might an organization have over pricing based on a product's elasticity
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