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a) Draw a supply and demand graph for crude oil. Label the equilibrium P and Q. Show the consumer and producer surplus.
b) Draw a new supply and demand graph showing the original equilibrium and what happens if major new oil reserves are discovered increasing the production of oil. Label the old and new equilibrium P and Q.
c) Draw a new supply and demand graph showing what happens when world economies strengthen so that buyers need more oil.
d) If both b) and c) happened at the same time what could you say about equilibrium P and Q?
e) Draw a new supply and demand graph showing what happens in the market for fuel efficient cars if only part c) has occurred. Label both old and new equilibrium P and Q.
Austerity measures implemented in several European countries will mean lower level of government expenditures for these countries? For these countries, this would cause
What a man needs to help provide a college education for his young daughter. He can afford to invest $800/yr for the next four years, beginning on the girl's fourth birthday.
Elucidate how the Solow Growth Model reacts to an increase in government spending.
Explain how would you design a specific customized compensation plan for Agent-Principal.
Illustrate what about burning all but one of his ships made to a utilize, powerful strategic commitment for Cortes in Mexico.
Smoking is banned from most public buildings in most states across the U.S. today. What type of market failure is the smoking ban intended to address. Illustrate what other options might be considered.
Suppose the Caribbean market was deregulated so that the routes become perfectly competitive, find out the price and the number of trips for the Kingston-Georgetown route.
Illustrate what do the results tell you about the relative size of the income also substitution effects for leisure for Jake.
The Texas Transportation Institute at Texas A&M University conducted a survey to determine the number of hours per year drivers waste sitting in traffic.
Ingrid took a university teaching job as an assistant professor in 1974 at a salary of $10,000. Illustrate what is Ingrid's 2003 salary in 1974 dollars.
Little Kona is a small coffee company that is considering entering a marketplace dominated by Big Brew.
Be able to examine critically the health of the economy as a whole through the analysis of major economic variables and advise on likely policy alternatives
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