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Write a 1,050- to 1,400 word paper that discusses basic concepts in applied economics in the context of the simulation. Answer the following questions in the paper:
How do changes in the business environment cause changes in supply and demand? Cite and explain at least two examples from the simulation.
Why is marginal analysis used when making business decisions? How is marginal analysis used to respond to shifts in supply and demand? Cite and explain at least one example from the simulation.
How did your team determine appropriate output levels in the simulation? Cite at least two examples. Were your team’s output decisions successful? If so, explain specifically how your decision making process led to financial success. If not, identify any mistakes and explain what your team could have done differently.
What fixed and variable costs does the operating company in the simulation have? Cite at least two examples for each.
Describe a market situation in which the operating company faces economic difficulties and the need to cut costs. What cost cutting strategies might the operating company use to remain profitable? What would be the benefits and drawbacks of each?
If there were 2 million unemployed Thailand had a job-finding rate of 15% per month, how many people would lose jobs each month.
Suppose that on January 1, the price of one hundred yen was $0.80 and PPP held. Over the year, the Japanese inflation rate was 5 percent and the U.S. inflation rate was 10 percent.
Explain how the average rate of per capita income in south africa between 1960-1991 compered to 1991-2010.
When the bookstore announces a 20% price increase in new texts and a 10% increase in used texts for next year, Guojun's father offers him $80 extra.
Think our company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs.
What difference did the Calvinist notion of predestination play such a critical role in the accumulation of capital in countries such as Switzerland, the Netherlands and Great Britain?
Explain how high should a monopoly set its prices in order to maximize profits. When you post a response to this question, place it in the context of one of the following examples.
Explain why monopolistically competitive firms frequently prefer non-price competition to price competition. Do you agree. Why.
Assume consumer tastes shift toward the consumption of apples. Which of the following statements is an accurate description of the impact of this event on the market for apples.
If the probability of Verizon not advertising even though AT&T does not is 10 percent, what is expected payoff to AT&Ts decision to not to advertise?
If the economy is competitive so that factors of production are paid the value of their subsidiary products, what is the share of total income that will go to land.
increases the equilibrium GDP also the size of that increase varies directly with the size of the MPC
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