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Suppose that the market for some product has a linear downward?sloping demand curve and a linear upward sloping supply curve. Then suppose that the price of a substitute good increases and the price of an input to production also increases.
a. Graph the original demand and supply curves, and the curves after the substitute good and input prices increase.
b. How will the equilibrium price change after the substitute and input prices increase?
Set up the consumer's utility maximization problem for prices pi, p2 and income m and how can this person be better off than by consuming the bundle
Give one business example for increasing returns to scale and decreasing returns to scale respectively. How does this characteristic affect its business strategies? Justify your arguments.
which will cause a larger short run increase in prices; an anticipated or unanticipated increase in aggregate demand? will they cause the same increase in prices in the long run?
The production capacity of the first year will be 4000 units and determine whether the company should upgrade or replace. Use a MARR of 20% per year.
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
The demand curve for 48" Sony flat screen televisions is likely to move to the right when consumer incomes increase.
Two employees will be hired at $10.00/hour/employee (including overhead and benefits). Each employee will work an average of 170 hours per month. The average revenue per customer is estimated at $7.00. The variable cost of serving each customer is..
Name some areas of business in the United States where the prevailing market structures have changed dramatically in last 20-years and discuss the direction of change
you are the manager of a California winery.then how would you expect the events to affect the market equilibrium price you receive for a bottle of wine.
Explain why a customer who select a consumption bundle in which relative price exceeds the marginal rate of substitution can not be at an optimum.
Derive a total revenue function and a marginal revenue function for the firm. Calculate the profit maximizing level of price and output for One and Only Inc.
1. How might freeing up dead capital have helped to increase Mongolia's rate of economic growth 2.What type of investment would foreign residents undertake if they were to purchase a small fraction of the shares of stocks owned by Mongolia's ..
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