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Here is some price data for selected consumer products from 1970:
First class stamp .06$
gallon of gas .36$
dozen eggs .62$
gallon of milk $1.15
Construct a market basket using a graph.
calculate the price index based on the basket. Decide quantity and estimate current prices for each product.
At what value of X will Q be at its maximum. Illustrate at what value of X will Diminishing Returns set in.
Why might failure to specialize explain why Neanderthal groups in difference areas did not trade?
if possible, your most preferred to least preferred type of shock: positive demand shock, negative demand shock, positive supply shock, negative supply shock. Explain how would you rank them and why.
What would the supply of labor curve which look like over this range of wages.
In case of conflicting IP rights, could firms bargain to attain efficient outcomes. Is re room for entry if consumer welfare is not being served.
Illustrate what effect this could have on the price of cigarettes also the quantity of cigarettes sold
Explain how does monopolistic competition differ from a) pure competition; b) pure monopoly; c) oligopoly? Explain fully what product differentiation entails.
Find out change in government costs under subsidy policy. Find out change in government income under tariff policy.
What global social interests or responsibilities, if any, do we have as consumers to the losers of globalization? Discuss and justify your postings and responses with other students in our course.
Suppose that consumer price index at year-end 2011 was 150 and by tear-end 2012 had risen to 160. What will be the inflation rate during 2012?
Show the effect of an increase in the price that the government charges for electricity.
Elucidate how much does the gardener receive. How much does the customer pay. How much does the government receive as tax revenue.
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