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Consider the market for automobiles, and draw represeantive supply and demand curves.a. Suppose that the price of gasoline rises, and at the same time, the price of steel(an input to automiblile production) falls. Show this on your graph. If you have no other information, what can you say about the change in equilbrum price and quanitiy?b. Now suppose that you have the additional information that the rise in gasoline prices has been relatively large, while the reduction in steel costs has been relatively small. How would this change your answer to (a)?
There are many factors might change AD and AS, and equilibrium. Please evaluate the effect of following scenario on the AD curve, AS curve, and accordingly the effect on equilibrium price level and equilibrium GDP/output.
Tables John Walker is a regional sales representative for Jiffy Mowers Inc. and sells lawn mowers to stores in the Tri State area. Construct a table showing Walkers marginal sales per day in each state.
Matt and Johnny both purchase pop and chips at the same convenience store. They have different tastes for pop and chips, so Matt buys 3 cans of pop and 10 bags of chips whereas Johnny buys 15 cans of pop and 2 bags of chips.
Assume that capital and labor both exhibit diminishing marginal returns, so that capital can be substituted for labor in the production process (and vice versa), but capital and labor are not perfect substitutes. How would such a tax affect the rel..
Illustrate what conditions is it possible to increase production of one good without decreasing production of another
The demand and supply functions for sweatshirts (the basic grey kind) are as follows: Price Quantity Demanded (per period) Quantity Supplied (per period) $10 14,000 21,000 9 14,500 18,000 8 15,000 15,000 7 15,500 12,000 6 16,..
Elucidate what could Coca Cola do to mitigate any undesirable effects of business cycles.
An economists have estimated the subsiquent transportation elasticities.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
Compute the price or output combination and the total economic profits which would result if competitors offer clones which make the QuickerBetter market competitive.
If the government of Amityville used a subsidy of $S per unit to encourage the optimal amount of chocolate production, illustrate what level should that subsidy be.
Since 1990, energy use per person has either remained fairly stagnant or has increased in different nations and regions of the world. Match the nation or region with the trend in energy use per person since about 1990. Column preview China. increa..
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