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Price
Q Demand
Q Supplied
State of Market D-S
Tendency for Price change (Decrease/Increase/Same)
90
45
115
85
65
100
80
75
105
70
125
55
a. Create a graph that shows Price on the Y-axis and Q demanded and Q Demanded and Q supplied on the X-axis.
b. What is the difference between a movement along and shift of the demand curve? Show the affect on the equilibrium price and quantity that result from: (1) an increase in demand, (2) an increase in supply, and (3) an increase in both supply and demand. Provide an example of the role of supply and demand in decision-making.
If you can borrow (and lend) money at an interest rate of 8 percent, will the investment be a profitable undertaking? Is the project profitable at an interest rate of 12 per cent? Provide numerical calculations in support of your answers.
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Complete the following table by computing the marginal utility per dollar for successive units of X, Y, and Z to one or two decimal places.
For each of the following concepts provide a definition, a complete explanation as to their significance, and a practical example.
Assume the airline industry consisted of only 2 firms: American and Texas Air Corp. Let the two firms have identical cost functions, C(q) = 40q. Suppose the demand curve for industry is given by P = 100 - Q and that each firm expects the other to ..
What is the hypothesized elasticity of demand for one product/service that is produced by the company (or a product/company you are familiar with)?
As an employee of World Bank you've been asked to research the needs of a country with a particular economic concern.
Suppose the marginal expense of hiring another worker is $150 and the marginal expense of hiring current workers for an extra hour is $10.
Discuss how each of the following developments would affect the supply of the money, the demand for money, and the interest rate. For each case, describe what happens in closed economy and in small open economy. Describe your answers with diagrams.
An increase in input prices for rice production; and an improvement in rice production technology. Use diagrams to analyze the effects of these changes on equilibrium price and quantity.
Compute total revenue, marginal revenue, marginal cost, and average total cost of this natural monopoly. What is the profit maximizing output and price for this natural monopoly when the government does not regulate it?
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