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What effect would each of the following have on the demand and supply for hamburgers and on the quantity of hamburgers demanded and supplied in a city? Explain your answers.
a. an increase in the price of hamburgers (ceteris paribus)
b. an increase in the price of other food
c. an increase in public awareness of the health benefits from eating beef
d. an increase in public awareness of parasites alleged to occur in beef
What are intellectual property rights? How are they different from property rights to physical assets? Why has digitalization been hazard to intellectual property rights?
If hospitals begin to affiliate within regions, would you expect that unnecessary duplication of facilities would increase, decrease or stay the same?
Illustrate what should be the construction level if fixed costs rose to $48,000 per month?
What is the result of an increase in the price of bread, a normal good? The demand curve shifts to the right. The demand curve shifts to the left. The quantity demanded increases. The quantity demanded decreases.
Provide reasons to explain what government would have to do to keep the unemployment rate at 3 percent."
Max has the utility function U(x, y) = x(y + 1). The price of x is $2 and the price of y is $1. Max’s Income is $11. How much x does Max demand? How much y? If his income doubles and prices stay unchanged, will Max’s demand for both goods double?
What can you say about the price elasticity of demand for DVD players. What will this price reduction necessarily lead to an increase in profits for DVD player manufacturers.
If you were asked to lend money to your cousin’s clothing store to help her through a slow sales period, would you be more interested in looking at the current ratio, or the quick ratio, as a measure of liquidity? Why?
Which of the following statements goes against Porter's 5 forces model?
If collusion is not allowed, what kind of market arrangement do you think is likely to result from competitive interactions among these four firms? Calculate the profits of these firms in either case (a and b).
Jim sees commuting by bus and T as perfect substitutes (U = T + B), that is, he would exchange one commute by bus for one commute by T. The price of a bus ticket is $1.50 and the price of a T ticket is $2.00. Jim has $6.00 to spend on commuting. Grap..
A group of 10 people have the following annual incomes: $55,000, $30,000, $15,000, $20,000, $35,000, $80,000, $40,000, $45,000, $30,000, $50,000. Calculate the share of total income received by each quintile of this income distribution. Do the top an..
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