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1-Describe equilibrium price and quantity, and explain and illustrate with two supply and demand graphs how a change in supply and a change in demand affect the equilibrium point.
2-Define price elasticity of demand in your own words, and provide examples of elastic and inelastic demand, with a demand curve illustrating each example.
Suppose that Michelle buys a cappuccino from Paul\'s Cafe and Bakery for $6.25. Michelle was willing to pay up to $8.75 for the cappuccino and Paul\'s Cafe and Bakery was willing to accept $2.25 for the cappuccino. Producer surplus is the difference ..
Discuss how economic, political, and social changes will impact growth in the region. Write a short paper summarizing your findings.
Robert’s New Way Vacuum Cleaner Company is a newly started small business that produces vacuum cleaners and belongs to a monopolistically competitive market. What are the profit-maximizing price and output levels? Explain them and calculate algebraic..
Explain why Kant was a "deontological ethicist" and his problems with the difficulty of teleological or consequential ethics, explaining in depth and in detail: Kant's Categorical Imperative giving focus to Kant's intention with the term "Categorical..
How would the effects of international trade on the domestic orange market change in the world price of oranges were above the domestic equilibrium? Draw a graph to help explain your answer.
If buyers pay $8 per unit to the intermediary but sellers offer to rebate part of that expense to buyers.
In signalling games, it seems that the Cho Kreps refinement (intuitive criterion) is the go to refinement for eliminating bad sequential equilibrium. Divine equilibrium and perfect sequential equilibrium are also interesting refinements though. Are t..
what part of the change in Sarah's demand was due to the income effect and what part was due to the substitution effect?
Health insurance companies are oligopolies, and one of the criticisms of oligopolies is the adverse impacts these firms have on income distribution. Discuss in relation to the policies and practices of health insurance companies.
You receive payments at the end of each Quarter starting at the end of Quarter 1 and lasting 5 years (so the last payment you receive is at the end of Quarter 20). These payments are an equal series of payments of $500 for all 20 payment periods. The..
Luis wants to have $2,000,000 in net worth when he retires. to achieve this goal, he plans to invest 10,000 each year (starting one year from now) into an account that earns 10% interest compounded annually. The amount of time before Luis can retire ..
If the fluctuations in the economy's real growth rate from year to year are caused primarily by variations in the rate at which aggregate delivery increases
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