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We make choices as consumers every day. Opportunity cost is defined as a person's "next best alternative" or "the cost of what you give up when you make a choice."
Think of a recent decision you made regarding your career. What was your opportunity cost for making that choice? What was your "next best alternative"?
Objective: Identify current trends in macro and microeconomics.Use supply and demand to analyze business activities to formulate business plans.
Instructor Comments:
To complete this IP, consider the standard house, 3-bedroom, 2-bath house. Compare this standard house in different locations in the US by collecting the price information. The differences in the price of "same house" in different locations can be explained using demand and supply. ("location" is NOT an answer to this IP)
The housing price is determined by demand and supply of housing. State the determinants of demand and of supply that are consistent with economic theory and are plausible. (1) The determinants of demand are the factors that affect the decision to buy s house and the maximum price that the buyer will pay. (2) The determinants of supply are the factors that affect the decision to sell another unit and the minimum price that the seller will accept. The learning objective is to demonstrate the proper use of concepts in market analysis. In particular there should be a discussion on how the market responds to excess demand and a discussion on how the market responds to excess supply. Excess demand and excess supply are generated if demand or supply shifts. There should be a discussion on how changes in determinants of demand and changes in the determinants of supply affect the housing market. Excess demand and excess supply should be included in your analysis.
Warning and suggestion: you are not required to "prove" or justify your selection of the determinants of demand and supply. But your discussion and selection of a factor or a determinant must be reasonable and plausible.
What impact would this have on the Kitty Litter market and the individual Kitty Litter producer in the SR? In the LR? Carefully Explain.
Assume that the demand changes to QD = 600-2P and the supply function stays the same. Graph the new situation in Excel. Find the new equilibrium price and quantity, and show it on your graph.
Estimate the linear demand equation
Assume the Fed decides to buy $1 billion in Treasury bonds from the public. Suppose that the reserve requirement is 10%. What takes place to the interest rate and money supply?
Describe the revenue, costs, and profit that Starbucks expected when it entered this market.
Assume the labor force decreases in size due to the large number of people reaching retirement age and subsequently entering retirement. At the same time real interest rates in the economy fall. What will happen in the economy?
How would you know demand has increased? (What is the first piece of information which would lead you to conclude that demand has increased?)
Find the equation of the new demand curve for Chevrolets. Plot the new demand curve, D1 c' and, on the same graph, plot the curve for Chevrolets, D c'. found in 2 (d).
In the competitive market, the market demand is Qd=48 - 5p and the market supply is Qs = 7P. The equilibrium price is4
Suppose that the market for radios is perfectly competitive and there is the simultaneous increase in supply and demand. What can be said about the new equilibrium relative to one before the shifts in supply and demand occurred?
Explain what happens to price and quantity of milk when the following events take place: For each and every event, specify how it effects either demand, quantity demanded, supply, or quantity demanded. It is also important to demonstrate how the ch..
Find out the price p0 = S(q0) at which q0 units will be supplied and compute the corresponding producers' surplus PS. Sketch the supply curve y = S(q) and shade the region whose area represents the producers' surplus.
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