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Supply and Demand in a Global Market
Answer the following questions using examples and applications from the readings. Justify your answers using economic concepts and ideas as they apply. Each response should be between 100-200 words.
Questions:
The demand for milk is given by Q=120,000-20,000P. a. What is the equilibrium quantity of milk if the market price is $3.00? b. What is the equilibrium quantity of milk if the market price drops to $2.90?
the world bank is currently advising newly industrialized countries on how to encourage growth and they have asked for
How legalizing marijuana will stimulate the American economy.
How will output and inflation in both the short run and the long run be affected if the effects of the tax cuts are stronger on long-run aggregate supply than on aggregate demand?
How does the "rule of thumb" for the profit maximizing advertising per sale level change if MC is equal to zero. Provide the new equation and explain!
What are the characteristics of a monopolistically competitive market and how do these differ from perfect competition?
Draw a graph of the market for banana. What are the equilibrium price and quantity and calculate Rie's income elasticity of demand for beef. Show your calculation.
In the competitive market, the market demand is Qd=48 - 5p and the market supply is Qs = 7P. The equilibrium price is4
suppose that the cost of capturing a cockatoo and transporting him to the united states is about 40 per bird.
What happens to t as real wage increases and what happens to t as labor increases - Write down the firm's maximization problem and solve it. Find real wage, labor.
Is Publix the monopolistic competition, oligopoly, monopoly, or perfect competition? Justify your classification of firm and employ the characteristics and features of the different market structure to determine which market structure to classify ..
Hundreds of millions of people bid on eBay auctions to purchase goods from all over the world. Despite being carried out on line, in spirit these auctions are similar to those that have been conducted for centuries. Is an auction a game? Why or why n..
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