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1. The same rightward shift of the demand curve may produce a very small or a very large increase in quantity, depending on the slope of the supply curve. Explain this conclusion with diagrams.
2. In 1981, when regulations were holding the price of natural gas below its free-market level, then-Congressman Jack Kemp of New York said the following in an interview with The New York Times: “We need to decontrol natural gas, and get production of natural gas up to a higher level so we can bring down the price.”11 Evaluate the congressman’s statement.
In economics, when you plot cost and revenue on Price-Quantity axis, the profit maximization condition is when marginal cost is equal to marginal revenue. This is the crucial notion to understand.
In 2007 the U.S. was faced with two events. At the beginning of 2007, oil prices more than doubled. A financial crisis hit the economy starting in August 2007 causing a reduction in consumer and business spending. These events led to a rise in th..
Bargaining outcomes in a market-related situation are in general indeterminate and not obvious to the parties in the negotiation. Develop a bargaining situation from which you would conclude that access to market-related information does in fact a..
How does industry-level price elasticity of demand shape the opportunities for making a profit in an industry? How does firm-level price elasticity of demand do it?
The private marginal benefit for commodity X is given by 10 - X where X is the number of units consumed. The private marginal cost of producing X is constant at $5. For each unit of X produced, an external cost of $2 is imposed on members of socie..
Calculate the break-even weight for weaners. Show your calculations here and Develop a partial budget for a change in weaner cattle production.
What would the number of paying patients and federally funded seniors be if the federal funding agency raised its rate to $120 per treatment?
(Aggregate Demand and Supply) Determine whether each of the following would cause a shift of the aggregate demand curve, a shift of the aggregate supply curve, neither, or both. Which curve shifts, and in which direction
Compare the path of economic growth using GDP, GDP growth, and GDP per capita. Compare the evolution of Agriculture and Manufacture as components of GDP.
Describe the monetary policy tools the Federal Reserve uses to stabilize the economy and maintain price stability. Based on the information you researched from Federal Reserve publications, present and justify your own economic outlook for the next..
Illustrate the black market for internet access, including the implicit supply schedule, the ceiling price, the black market supply and demand, and the highest feasible black market price.
Why do you think consumers respond to the "Buy One Get One Half Off" sales promotion and what principle of economics does this behavior reflect?
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