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Using supply and demand analysis, describe the effect of each of the following events on the market for cigarettes. Your description should include which curve shifts, supply or demand, which way the curve shifts, left or right, if the equilibrium price increases or decreases and if the equilibrium quantity increases or decreases.
a. The price of cigars decreases
b. The price of e-cigarettes increases.
c. A fertilizer that increases the yield per acre of tobacco is used.
d. There is a substantial increase in the price of matches and lighter fluid.
e. The legal age to buy cigarettes is lowered to 12.
If JMJ Industries realizes a profit of $4 per unit sold, what is the fixed cost portion of their production costs? Their variable costs are $1.50 per unit, and they sell 1,000 units per year at a price of $6 per unit.
individual industry like education, meat industry, tourism and agriculture. Choose any ONE industry in Australia from this list and discuss the reforms been done in that industry.
A machine produces 1000 units of product per day in an existing manufacturing operation. The machine has become obsolete due to tightened product quality standards. Replacement machine A will cost $20,000 and will produce the needed 1000 units of pro..
Participate in a discussion with your classmates regarding the trade off between inflation and unemployment. Now that we have learned that the Short-Run Phillips Curve (SRPC) shows the trade off between inflation and unemployment at the given natural..
Suppose that a country has a fixed exchange rate and unrestricted (financial) capital flows. Which of the following would the country NOT experience?
Apple decides to reallocate resources by curtailing online ad budgets and investing heavily in scratch-resistant Sapphire, the material that differentiates iPhone from competitive brands. What is MOST LIKELY the reason for reallocation of resources?
The price elasticity of demand for a textbook is estimated to be 1 no matter what the price or quantity demanded. In this case:
Assume an economy with a total population equal to 1. Individuals can only be employed or unemployed. Suppose this economy’s steady-state unemployment rate is 5%. We know that workers can lose their jobs and become unemployed with probability 4%. Wha..
Suppose two firms (Firm 1 and Firm 2) are competing against each other in a (duopoly) market. Suppose further that the demand is given by the equation P= 700-30(q1+q2), where P is the price of the good, q1 is the quantity sold by firm 1, and q2 is th..
What are the benefits and challenges when implementing Industrial policy? How does comparative advantage relate the implementation of industrial policy?
Suppose a firm had two methods to assemble a new smartphone. The first method utilizes 2 hours of labor and 4 units of capital, while the second method uses 4 hours of labor and 1 unit of capital. Under which conditions would the firm want to use the..
What is the impact on residential real estate market after the Fed stopped QE3 (buying bonds monthly from banks) in 2014? Please state the shift on either demand curve or supply curve. If a price ceiling on real estate agency commission is set at 1% ..
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