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Supply and demand is one of the most fundamental concepts of economics and it is the backbone of a market economy.
Choose one or more of commodity products. Assume that this product operates within a market economy.
Write a 700- to 1,050-word paper addressing the following for the chosen commodity:
Identify causes for shifts in supply and demand for the chosen product.
Explain how these shifts in supply and demand influence price, quantity and market equilibrium.
Determine whether your commodity is a necessity or a luxury product. Identify the availability of substitutes for the chosen product.
Explain how the necessity of a good and the availability of substitutes impact the price elasticity of the product.
Format your paper consistent with APA guidelines.
Intelligent fiscal policy and appropriate monetary policy permit for a stabilizing influence on US economy. The government is able to make action through expansionary or contractionary fiscal policy to manage recession and inflation when necessary.
The Haas Corporation's executive vice president circulates the memo to the firm's top management in which he argues for reduction in price of firms product. He says such a price cut will raise the firms sales and profits.
Name any good or service which has a noticeable recent price change. Using concepts of supply and/or demand, what are some possible explanations for this change in price?
Determine what type of monetary policy has the Federal Reserve been using for the last year easy or expansionary, tight or contractionary, or neutral or non-involvement)?
Many retail companies use mark up pricing? Setting price some percentage above variable cost (such as 50% above cost).
Describe some of the microeconomic and macroeconomic factors a firm must consider in its own sales and profit forecasting.
Interpret the components of mathematical equations that explain the linear programming problem for each of the following:
Describe the issues, challenges, or disadvantages to forming the strategic alliance (focus on supply chain). Provide an example that is not included in attached reference.
Select 5-innovations associated with Industrial Revolution and five innovations from Technological Revolution. For each innovation, recognize the effects it had on individuals, societies, businesses, and politics.
Please refer to Citizen Gas Company PDF for case study and questions. The case study belongs to Economics. Citizen Gas Company is a medium sized company with customers from residential, commercial and industrial sectors.
In economics, when you plot cost and revenue on Price-Quantity axis, the profit maximization condition is when marginal cost is equal to marginal revenue. This is the crucial notion to understand.
Describe the revenue, costs, and profit that Starbucks expected when it entered this market.
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