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Assume that grapefruit is an inferior good. Draw a perfectly competitive market for grapefruit and a firm selling grapefruit in the long run equilibrium where price is $1 and the firm’s equilibrium quantity is 50. Explain the following situations graphically and in words (Draw and label side-by-side graphs for each). EXPLAIN what happens in the short-run if incomes increases by 15%? EXPLAIN the process by which this market returns to the long-run equilibrium
In Japan and a number of European Countries, the antitrust laws were once much less severe than those in the United States. Do you think that this difference helped or harmed American Industry in its efforts to compete with foreign producers? Why?
If a nation exports few goods, then it imports, it
q1. suppose that in saudi arabia produces 200 million barrels of oil and 3 million cars and that the united states
Where Qx represents thousands of donuts; Px is the price per donut; Py is the average price per donut of other brands of donuts; and Ax represents thousands of dollars spent on advertising Newton’s Donuts. The current values of the independent variab..
What is the role of the IMF (International Monetary Fund) in the process of Economic Development of developing countries? On Dec 2, 2015, the IMF has upgraded the Chinese currency Renmenbi (the Yuan) to one of the world's reserve currency (so called ..
In October 2011, Apple introduced the iPhone 4S, which had new features, including camera and voice control, but sold at the same price as the previous iPhone model. How did the introduction of the iPhone 4S affect the Consumer Price Index? What fact..
Ann Page Corporation has fixed expenses of $30,000 per year. Variable expenses per unit are $17. Sales price per unit is $30.
Suppose the labour market in the house cleaning industry in Quebec City can be described by the following demand and supply equations: LD = 400 - 10w and LS = 40 + 20w. Calculate the equilibrium wage and employment if the market is free.
If between 2003 and 2013 the economy's real gdp grew from 20 million to 40 billion, what was the average annual growth rate in the economy?
Assume a perfectly competitive firm is currently producing 5,000 units of output and is earning $15,000 in total revenue. The marginal cost of the 5,000th unit of output is $3. The corresponding average total cost is $3.50 and total fixed costs equal..
What are transnational corporations (TNCs, or multinational corporations, MNCs) and how are they different from other business firms? Why have the MNCs become more important in international political economy during the past three decades?
How responsive do you think consumers will be to the price change when these fluctuations occur due to changes in supply? Why? Use the various determinants of elasticity to explain your answer. How does the price elasticity of demand for gasoline imp..
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