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Learning Objective: In terms of macroeconomics; Be comfortable with what shifts the supply and demand curve, and how shifts in either supply or demand or both supply and demand change equilibrium quantity and equilibrium price.
You must answer both. Strategy: explain whether each factor changes supply or demand and in what direction.
1. Music compact discs are normal goods. What will happen to the equilibrium price and quantity of music compact discs if musicians accept lower royalties, compact disc players become cheaper, more firms start producing music compact discs, and music lovers experience an increase in income?
2. What would happen to the equilibrium price and quantity of peanut butter if the price of peanuts went up, the price of jelly fell, fewer firms decided to produce peanut butter, and health officials announced that eating peanut butter was good for you?
A perfectly competitive painted necktie industry has a large number of potential entrants. Each firm has an identical cost structure such that long-run average cost is minimized at an output of 20 units (qi = 20). What is the industry's long-run supp..
Suppose the initially, real GDP is $14 trillion. The government wishes to increase real GDP to $15 trillion. The marginal propensity to consume (MPC) is 0.8 and every $1.00 increase in real government spending crowds out $0.50 in real plan investment..
Hana's rounded one-year rate of return earned from her purchase of the Treasury notes is equal to illustrate what %.
Suppose China produces only trucks and tablets. The resources that are used in the production of these two goods are specialized—that is, some resources are more suitable for producing trucks than tablets, whereas others are more suitable for produci..
if Night Timers plans to sell 125,000 rolls per year, Illustrate what is the necessary price if the firm is to break even
In a world of two goods (say, x and y) an increase in the price of x which is accompanied by money compensation for the income effect alone will lead to:
Determine whether or not government regulation to ensure fairness in the low-calorie, frozen microwavable food industry is needed. Cite the major reasons for government involvement in a market economy. Provide two (2) examples of government involveme..
If the financial plan is believed to be extremely accurate, then the amount of financing would be
Elucidate what happens to the price of oranges and the marginal product of orange pickers as a result of the freeze. Can you say what happens to the demand for orange pickers.
Illustrate can the oligopoly market structure make profit for both consumers and businesses by forging common standards in industries that experience rapid technological change.
Suppose that a firm's only variable input is labour. When 50 workers are used, average product of labour is 50 and marginal product of labour is 75. Wage rate is $80 and total cost of fixed input is $500. Illustrate what is average variable cost. ..
Northrop Grumman is making a new long range bomber for the Air Force. Development costs are $2 billion in 2016, and $3 billion in each of the years 2017 through 2030. Gen. Wrench knows nothing about cash flow discounting, and so she treats $1 tomorro..
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