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For each of the following events, assume that either the supply curve or the demand curve (not both shifted). Explain which curve shifted and indicate the direction of the shift.
a. Housing prices are rising but more houses are sold.
b. Australian Airlines reduces its average plane fare by 30 percent in order to attract more customers
c. From 1950 to 1979 the wages paid to fruit pickers increased while the number of fruit pickers employed decreased.
d. During the same period the price of radio sets declined, while the number of radio sets purchased increased.
The short-run supply curve of a competitive industry is derived by. Along the long-run supply curve of an increasing-cost industry that is characterized by perfect competition, all of the following can vary except. For the case of an increasing-cost ..
Discuss the conditions that will help the union achieve the objective. Why might a union be unable to meet its goal?
A recent report by the Centers for Disease Control looked at the relationship between the price of beer and the incidence of new cases of STD’s. The report concluded that a beer tax increase of $.20 could reduce overall STD rates by 8.9%. Assume tha..
What does it mean to say that a firm should devote resources to an activity as long as society values that activity more that it values the resources allocated to that activity?
What would the excess reserve be for the problem below? Devry Bank has $44,000 in demand deposits and $15,000 on total reserve with a 10 percent (i.e. 0.1) reserve requirement. How much can the bank loan out or what is the excess reserve? What’s the ..
Two firms compete in a market to sell a homogenous produce with inverse demand function P = 400 - 2Q. Each firm produces at a constant marginal cost of $50. Use this to compare the output and profits in settings characterized by Cournot, Stackelberg,..
The production function for puffed rice is- Calculate the Q = 1000 isoquant for this production function and show it on a graph. If K = 10, how many workers are required to produce Q = 1,000? What is the average?
Provide examples of businesses taking advantage (profiting from) the recent drive to “go green” (environmental consulting, etc). What are the advantages and disadvantages of going green for a company? What are the differences between John Maynard Ke..
The credit score of a 35 year old applying for a mortgage at Ulysses Mortgage Associates is normally distributed with a mean of 500 and a standard deviation of 100. What credit score represents the third quartile?
Who is hurt and who is helped by an increase in the legal minimum wage? Under what circumstances might a higher minimum not reduce employment?
Suppose the market demand for boxes of cigars is given by P = 100 – Q. There are two firms, A and B, producing cigars, each with the same constant MC of €5. If the firms: a. Collude and divide the market equally between them, how many boxes of cigars..
Discuss what will happen in this market as it moves to a new equilibrium. If a hard breeze eliminates Brazil's premium coffee corp, what will happen to the price of premium coffee.
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