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Suppose that the Law of Demand is violated – that is, suppose that the Demand curve for a particular good is upward sloping. Suppose that the Law of Supply still holds so that the Supply curve is also upward sloping. This results in two cases, depending on which curve is steeper. Consider both cases and analyze what happens if price is above its equilibrium level. How does price adjust in each case?
You Sell Short 100 shares of USG which is currently selling for $55/share, and you pay a fee of $8/share. One year from now USG is selling for $35/share and you decide to Buy to Cover your Short position in USG. How much money did you make or lose?
The country of origin can influence a consumer’s perception of the quality of the product. What can a company do to overcome a negative attitude about the product’s country of origin?
For every of the subsequent goods, indicate whether you expect demand to be inelastic or elastic also explain your reasoning
Consider two firms, located at each end of a street of length 1. There are customers uniformly distributed along this street. Customers incur transportation costs TC = 2x2, where x is the distance they need to travel in order to purchase the product...
If a person with utility from income is U = ln Y (where Y is income) and an initial income of $50,000 faces the risk of losing all of her income except a dollar with a likelihood of one percent, what is the most you could charge such a person for ful..
Make sure to include all appropriate graphs with supply and demand, the initial equilibrium and the shift in the supply or demand curve and the corresponding change in the price and quantity in each graph, as well as an intuitive explanation.
The largest labor union in the United States represents approximately
A night-club owner has both student and adult consumers. The demand for drinks by a typical student is QS=24-4P. The demand for drinks by a typical adult is QA=8-P. There are equal numbers of students and adults. The marginal cost of each drink is $2..
Which of the following is not a characteristic of a monopolistically competitive market structure? There are low barriers to entry of new firms. All sellers sell products that are differentiated. There is a large number of independently acting small ..
Consider an environment where an agent could be either employed E or unemployed U. Let’s normalize E + U = 1, so that E and U are interpreted as the fraction of people employed and unemployed at any given point in time, respectively. What is the prob..
Explain the difference between a movement along a supply curve predicted by the Law of Supply and a shift of the whole supply curve or short termed as a shift or change of supply.
Why are coal miners in China paid higher than factory workers even though they have received more or less the same level of education and training? Why are workers with good looks paid higher in some jobs, but not in others? A recent report released ..
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