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Discuss: The factors contributing to movements along different points on the same demand curve, and the factors contributing to the demand curve shifting to the right or to the left of its original position. (Also, identify actual examples).
Discuss the factors contributing to movements along different points on the same supply curve, and the factors contributing to the supply curve shifting to the right or to the left of its original position. (Also, identify actual examples).
Also, reflect on “market failures.” Discuss the reasons for their occurrence and their social consequences.
Suppose we have two types of consumers (for simplicity we’ll assume that there is one person of each type). They have inverse demand curves given by: p1 =110−2q1 and p2 =70−4q2. What rents do the low-type consumers earn in any equilibrium? What about..
A monopsonist faces a labor supply curve given by LS = −300 + 0.01w , where w is the annual salary. What is the lowest salary the firm can pay yet still induce one worker to want to work for the firm? What is lowest salary the firm must pay to induce..
For the sake of argument (and this assignment) assume that global warming is a fact, caused by human activity, and that it can be fixed by taxing producers for the amount of carbon they release. The problem is that this tax would greatly increase cos..
Which of the following are flows. If a flow, which of the five major kind(s) of capital does it increase or decrease.
The natural rate of unemployment is also the steady-state unemployment rate, the unemployment rate toward which the economy moves. Once the economy reaches this steady state, the unemployment rate tends to remain the same. What is the current unemp..
There are 10,000 identical individuals in the market for medical service X, each with a demand function given by Qdx=12-2Px and 1,000 producers of medical service X each with the function Qsx=20Px. Find the market demand function and the market suppl..
Suppose a Canadian lumber company has a world monopoly on lumber. That is, imagine that all lumber purchased by U.S. citizens is bought from this one Canadian lumber company. Suppose the U.S. government imposes a price ceiling. What is the optimal pr..
From observations over many years, the company has concluded the fill amounts in their 2 litre bottles is normally distributed with a mean of 2.01 litres and a standard deviation of 0.11 litres. What fill amount (in litres) will see 97% of all bot..
You want to buy a new car. You plan to borrow the entire purchase price of $25,000. Dealer offers two choices: (i) an immediate $1500 rebate and financing at the regular rate of 7.2% APR for 48 months, or (ii) low percentage financing for 48 months. ..
Create two separate graphs that show current changes in equilibrium interest rates using the MD and MS curves. Describe the following: The Fed's actions to fight recession, The Fed's actions to lower inflation, Create two NEW graphs adding AD/AS curv..
Suppose nuclear power plants are banned in the U. S. What are the opportunity costs of this decision?
The evolution of religious and intellectual authority from the end of the middle ages to modernity Europe’s changing relationships with the rest of the world. The varying and contradictory ways Europeans have conceived of and reconciled freedom and p..
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