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Hot chocolate is made from chocolate syrup and milk. Using a separate supply and demand graph for each question, please show the effects of the following events on the market for hot chocolate (please specify the change in demand, supply and the equilibrium):
a. A cold winter makes people more willing to buy hot chocolate.
b. a decrease in the price of chocolate syrup
c. a decrease in the price of tea (a substitute)
d. a decrease in the supply of milk
the impossible trinity refers to the idea that a country can simultaneously pursue only two of the three following
Suppose that Taher's pizza business operates under competitive conditions and that his short-run production function is q=20^E. How much labor does he employ if the price of each pizza is p = $12 and the hourly wage is w0 = $6? [Hint: In this case, i..
The U.S. economy has fallen into a recession. It is a severe and deep recession, and one that some economic analysts say may persist for at least another year.
Inflation may fall without a significant increase in unemployment if
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If it is easy for a firm to get into or exit from a market, then a firm in that market will be able to earn positive economic profits. When economic profit is positive,
Discuss whether each statement is an example of positive economics or normative economics or if it contains elements of both: an increase in the personal income tax will slow the growth rate of the economy.
An individual has an income of $1000 per month with which they buy the composite good with a price of $1 and food with a price $2/unit of food. Draw the budget constraint for the individual with the composite good on the y-axis and food on the x-axis
Your company is bidding on a system design project. It is your job to design the system architecture. How will you balance the need for scalability against the need to keep costs as low as possible to win the bid?
Estimated regression equation for which quantifies the demand for Widget
q1. explain why does production ultimately experience diminishing marginal returns to labor in the short run?q2. what
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