Reference no: EM131236590
Hints: Questions 3-5 are about demand. For each question, you must both explain your answer verbally and illustrate your answer graphically. Label the axes of your graph and label or otherwise identify the curve(s) in your graph. If you use abbreviations, state what the abbreviations mean. Each question is independent of the others and assumes “other things being equal.”
For each question, your explanation should state:
(1) the demand curve to which the result pertains (it is: “the demand curve for McDonald’s hamburgers”).
(2) whether the result involves “moving along” the demand curve or “shifting” the demand curve.
(3) the direction of the “moving along” or “shift.”
(4) why the “moving along” or “shift” occurs.
B. What happens to the demand for McDonald’s hamburgers when ______?
3. McDonald’s decreases the price of its hamburgers.
4. Wendy’s decreases the price of its hamburgers.
5. Scientific studies show that hamburgers cause cancer.
Macroeconomic data for hypothetical country
: The following table shows macroeconomic data for a hypothetical country. All figures are in billions of dollars. Billions of Dollars Gross private investment (investment) 90 Capital consumption allowance (depreciation) 25 Exports 45 Imports 35 Govern..
|
Sells product to two groups of consumers
: You are the manager of a monopoly that sells a product to two groups of consumers in different parts of the country. Group 1’s elasticity of demand is -2, while group 2’s is -5. Your marginal cost of producing the product is $10. a. Determine your op..
|
Designing formula car for national competition
: The Mechanical Engineering department has a student team that is designing a formula car for national competition. The time required for the team to assemble the first car is 174 hours. Their improvement (or learning rate) is 0.8, which means that as..
|
Based on some economists definition of the relevant market
: Suppose the European Union (EU) is investigating a proposed merger between two of the largest distillers of premium Scotch liquor. Based on some economists’ definition of the relevant market, the two firms proposing to merge enjoyed a combined market..
|
The demand curve for mcdonalds hamburgers
: the demand curve to which the result pertains (it is: “the demand curve for McDonald’s hamburgers”). whether the result involves “moving along” the demand curve or “shifting” the demand curve. What happens to the demand for McDonald’s hamburgers when..
|
The fed is more likely to use the discount rate
: The FED is more likely to use the discount rate and the open market operation for short-term money supply management rather than the reserve requirement. Why?
|
Value is added to goods or services from primary production
: Vat is tax applied at each point where value is added to goods or services from primary production to final consumption. refer to vat as an input and output tax respectively and say your company registered by its inception with the receiver of revenu..
|
The approach to analyzing consumer behavior
: The approach to analyzing consumer behavior that asks consumers to rank and choose among different product attributes to reveal their relative valuation of different characteristics is called
|
Annual rate compounded annually
: What is the present value of the following series of payments $300 made at the end of every year starting in year 1 and ending in year 40 EXCEPT there will be no payment of any kind at the end of year 18? Interest is 10% annual rate compounded annual..
|