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Discuss how you can use the laws of demand and supply to explain the following scenarios: Scenario 1: After world gasoline prices jumped in the late 2000s, global bicycle sales rose to more than 1 million per month. Scenario 2: In Wisconsin Rapids, Wisconsin, employees at a CITGO gas station intending to change the posted price of gasoline from $3.43 per gallon to $3.49 per gallon accidentally changed the price to $0.349 per gallon. A station attendant said that, within minutes, “people were coming so fast that everything was crowded like a fairground.”Part 2: Discuss how you would apply demand and supply principles if: In the first scenario, the gasoline prices would have gone down and global sales of bicycle would have reduced. In the second scenario, the employees at the gasoline station would have mistakenly posted the price of gasoline to$34.69 and people would have started running to another gasoline stations within minutes.
The management of the Mini Mill Steel Company estimated the following elasticity for a special type of steel it produces: Ep=-2, Ei=1, and Exy=1.5, where X refers to steel and Y to aluminium. These are, respectively, the own-price elasticity, income ..
Explain how much change in the number of units sold can the company afford and still be no worse off.
Assume two economies that have identical production possibilities frontiers. Show how they can still gain from trade if their populations have different tastes.
One month ago, they added five workers, and productivity also increased by 50,000 pages per day. Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier?
Are legalized forms of gambling, such as state-operated lotteries, consistent with a continuing public policy against the enforcement of gambling contracts? Why or why not? Please discuss and support your comments using legal reasoning and terminolog..
A firm will have constant profits of $100,000 per year for the next four years, and the interest rate is 6 percent. Assuming these profits are realized at the end of each year, what is the present value of these future profits?
Explain the economic effect of tariffs, nontariff barriers, and various forms of trade policies adopted by national governments.
Each point along the market demand curve shows
Explain how these allocation methods may affect quantity demanded, equilibrium price, and quantity supplied. Are these allocation methods more or less efficient than other methods?
Suppose that consumption expenditures, investment expenditures, and government purchases are 75 billion, 25 billion and 20 billion, respectively. How large should the GDP be so that the net export is zero?
Elucidate how much money should the government spend to eliminate this gap. Elucidate how much money should the government give in tax cut to eliminate this gap.
Elucidate the factors that affected labor demand and labor supply in the chosen historical example.
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