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1.) Suppose the price elasticity of supply for new homes is 0.25 in the short run and 1.05 in the long run.
a. If the average home price falls from $110,000 to $90,000, what happens to the quantity of new homes supplied in the short run?
b. How does the quantity of homes supplied change in the long run
2.) The market for corn is currently in market equilibrium. Graph this situation. On your graph show what happens to the quantity of corn and the price in the market as the use of ethanol fuels becomes more widespread at the same time that a drought destroys one-third of the corn crop.
What are the profit-maximizing price and quantity? What will be the profits at these price and output levels?
Intermediate Microeconomics - Budget Constraint: Draw Alan's budget constraint with such promotional campaign.
The basic model of pure competition reviewed in this chapter finds that in the long run all firms in a purely competitive industry will earn normal profits. If all firms only earn a normal profit in the long run, firms will develop new products or..
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suppose you have announced you will meet the competition in response to entry threats by a potential rival who has done
question 1the key assumption of the basic keynesian model is that in the short run firmsanswer meet demand at preset
Describe and explain EIA's forecast for the price of gasoline, coal and natural gas. Identify the factors that are affecting the forecast. Discuss specifically the impact of shifts in supply, shifts in demand, and examples of substitutions
Explain how economics is used as a social science and as a policy tool and write a two-page essay in which you address the issues.
1. describe each of the four properties of indifference curves.2. describe and explain the budge constraint. how
You will apply important microeconomics concepts toward the competitive strategies of an organization that operates in an industry of your choice. You will evaluate the differences between market structures and identify a group of competitive stra..
Because their countries have similar institutions, the price paid for a computer in Germany and the United States are about the same when converted into the same currency. 15) The fact that U.S. managers' salaries are substantially greater than tho..
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