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Assignment: Effects of Price Changes
Price changes can have a significant impact on the overall economy of a nation. A product experiencing price change can lead to an exponential change in the prices of related products. The price of oil provides a good example of this concept. As oil prices increase, the price of gasoline also increases. As almost all products rely on gasoline, either in the production process or in the distribution process, the prices of these products also increase. As prices increase and incomes of consumers remain steady, spending decreases and products or services that have an elastic demand suffer. This assignment looks at some products you may be familiar with and allows you to analyze how price changes impact the overall economy.
Tasks:
Consider the last product or service you purchased for more than $50, excluding gasoline.
• If the price of that product or service went up by 10% overnight, how would you adjust your behavior in the short term?• How would you adjust your behavior in the long term?• If you decide not to buy this product again, what will you buy instead?• Analyze who will be more sensitive to price changes in what kind of products.
two firms a and b have complete control of the supply of mineral water and both have zero costs. their best reply
Show the country's production possibility curve.
Analyze the effect of the political economy on trade agreements and policy - Analyze the various countries to which the United States actively trades or has an embargo upon.
Most peaches are grown in Georgia. Today you heard that the relationship between the peach farmers and the pickers is going sour, and there will soon be no peaches available.
Washington Oregon Idaho Days Gross Sales Days Gross Sales Days Gross Sales 0 $10,000 0 $0 0 $6,250 1 25,000 1 8,750 1 12,500 2 37,500 2 16,250 2 17,500 3 47,500 3 22,500 3 21,250 4 55,000 4 26,250 4 23,750 5 60,000 5 28,750 5 25,000 6 62,500 6 30,000..
Write a paper about Mapp v. Ohio. The assignment overviews the landmark Supreme Court Case Mapp v. Ohio, discussed in Chapter 3 of the text. The body of the assignment should contain the following sections.
an angel investor is considering investing in one of two start-up businesses and is evaluating the expected returns
Was it a positive externality or a negative one?
How long will it take for the account to be paid off? (Do not round intermediate calculations and round your final answer to 2 decimal places.
How many units should each plant produce to maximize profit at that price and a perfect competitive firm faces a market price of $10 for its output X
The private marginal benefit for commodity X is given by 10 - X where X is the number of units consumed. The private marginal cost of producing X is constant at $5. For each unit of X produced, an external cost of $2 is imposed on members of socie..
A country has the per-worker production function yt = 5k^{^{.5}}t , where yt is output per worker and k t is the capital-labor ratio. The depreciation rate is 0.2 and the population growth rate is 0.05. The saving function is St = 0.2Yt , where St is..
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