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Problem 1: Why did Apple set the initial price of the iPhone 6 below equilibrium (see the News Wire "Market Shortage" p. 63)? Should Apple have immediately raised the price?
Problem 2: Which curve shifts and in what direction, when the following events occur in the domestic car market?
a. The U.S. economy is expanding.
b. U.S. auto workers get a pay increase.
c. Imported cars become more expensive.
d. The price of gasoline decreases.
Problem 3: Using the News Wire "Law of Demand" on page 53, answer the following questions:
a. According to the News Wire, what would be the response of students to a tax on alcohol that raises the price of alcoholic drinks by $1?
b. Graph the response of students to higher alcohol prices.
What recommendations, i.e. future strategic direction, would you make for the economy (country) to sustain economic growth? Word limit 1000 words. Learning Outcome: 4 & 5
Over a period of two years, average income in Collegetown increased from $1,000 to $1,400. During the same period, the quantity of pizza demanded increased from 6,000 per month to 10,000 per month. Assuming everything else constant, use the midpoint ..
"Does educational achievement help to explain income inequality?" Instructions: Explain the problem of topic to be researched. Mention the importance of your research as what it would contribute to the literature?
Bob borrows $52000 from a local bank at an APR of 7.2% compounded monthly. His monthly payments are $52000(A/P, 0.6%, 54) = $1128 for a 54 month loan. If Jim makes an extra payment on the first month of each year, his repayment duration for the loan ..
Give one important advantage and disadvantage of using the Under-employment measure, U-6, instead of the unemployment rate. (2-3 sentences)
Pete’s Pie Shop is a perfectly competitive firm. If the total output of pies in Pete’s Pie Shop increases from 20 per hour to 30 per hour as he hires the second worker, then. Every time Pete makes another pie in his shop, he uses $1.20 worth of pastr..
What is predation? What is the Chicago school criticism of predation and what is the counterargument to this criticism? Give four non-predatory reasons as to why firms respond aggressively to entry. Is there any evidence that can allow one to disting..
Suppose the airline industry consists of two firms, A and B. These two firms engage in Cournot competition with each other over a certain route for which inverse demand is P(Q) = 1000 − Q with Q = qA + qB. Solve for the Cournot equilibrium price. Sup..
What is his profit or loss by an accountant's definitions? What is his profit or loss by an economist's definitions?
What is the Keynesian solution to a recession or depression? How does the Keynesian multiplier work? What kind of policies were/are proposed to help get us out of this recession?
Then make an argument for why the government may still prefer using the other approach.
What if jumbo bags now cost $1? For each case draw a budget line that shows her best choice by adding indifference curves. Assume olivia cares only about the of peanuts and not the bag size.
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