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The aim of this task is to explore the effects of a supply shock on a firm and thereby on the industry. Suppose that war breaks out in the Middle East, where a considerable portion of the world's oil is produced.
(A) Describe, in words and on your graphs, any changes to (i) demand, (ii) supply,(iii) The petrol manufacturer's optimal quantity, (iv) the short-run equilibrium industry quantity, (v) the short-run equilibrium price, (vi) the short-run consumer's surplus, and (vii) the short-run profits.
Analyze the relationship between the production possibilities curve and the circular flow diagram. Discuss how the change of production possibilities curve affects the circular flo
An electronic chip is to be implanted in the body. During in vitro (in the lab) testing it is observed that the chip will dissolve over time if exposed to liquid with similar pH to
what are the limitation of economies scales
An investor has a choice of 2 investment opportunities. The first investment yields a gain of $2800 with probability of 0.37, a gain of $1100 with probability of 0.27, and otherwis
What was the classical models
1. Describe the process of diffusion in cells (not more than 2 pages). 2. Derive the equation for Fick's second law. 3. Draw a typical FRAP curve and explain its different re
The structural deficit: A. falls as the economy expands and rises when it contracts. B. changes as actual income changes regardless of potential income. C. does not change when inc
WHAT ARE THE SOURCES OF MONOPOLY
1) Assume that the production function for New Zealand is given by Y = AK0.57L0.43, where Y is real GDP (in 2000 constant dollars), K is real capital stock, L is labour. The parame
what is a wage? and the difference between real and nominal wages giving examples?
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