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Question 1:
Briefly explain whether each of the following statements describes a change in supply or a change in the quantity supplied.
a. To take advantage of high prices for snow shovels during a very snowy winter, Alexander Shovels, Inc., decides to increase output.
b. The success of Red Bull leads more firms to begin producing energy drinks.
c. In the six months following Hurricane Katrina in 2005, production of oil in the Gulf of Mexico declined by 25 percent.
Question 2:
An article in the Wall Street Journal notes that during early 2009 the demand for Internet advertising was declining at the same time that the number of Internet sites accepting advertising was increasing. After reading the article, a student argues: "From this information, we know that the price of Internet ads should fall, but we don't know whether the total quantity of Internet ads will increase or decrease." Is the student's analysis correct? Illustrate your answer with a demand and supply graph.
How will the programs affect the debt? How will they affect private investment? Is crowding out a concern in the short versus long run as a result of the proposed policies?
Write down some of the characteristics of perfect competition. Which kinds of industries come closest to perfect competition in the real world?
farmers to lose fund since the demand for food is inelastic meaning the price refuse proportionally faster than increase in quantity sold.
What is the monopolist's profit-maximizing level of output - what price will the profit-maximizing monopolist charge and how much profit will the monopolist make if she maximizes her profit?
Determine which country has absolute advantage in production of tanks and explain why is it this country?
Output maximisation and cost minimisation
Speedy delivery is the package carrier which serves the Midwest It specializes in the delivery of auto parts to independent auto repair shops. It competes against very large firms like FedEx, UPS, and US Postal.
What is the internal rate of return on this investment? Assume that the cab is paid for at the beginning of the ?rst year, but that the annual cash ?ows happen at the end of the year.
Describe the difference between monopoly and oligopoly, the welfare effects of monopoly, cost advantages that create monopolies, government actions which create monopolies.
The consequences of decriminalizing illegal drugs have long been debated. Some claim that legalization will lower the price of these drugs and reduce related crime. Others claim that more people will use these drugs.
Many hotels charge higher prices during the holiday period and yet there is higher demand for hotel accommodation during these periods. Is this a violation of the law of demand? Explain your answer and use theory and illustrations to support your ..
Furniture manufacturing involves a huge number of options to satisfy consumer preferences, but this extensive set of choices slows production and raises costs.
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