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Think about a product that you have purchased recently (e.g. soda, diapers, takeout meals, milk, shoes, manicure/pedicure, video game, etc.). Explain how the law of demand affected your purchase. Give specific examples of how the determinants of demand and supply affect this product (T-I-P-E-N and P-R-E-S-T). What happens to the demand curve and the supply curve when any of these determinants change? Give examples of scenarios that would cause a change in demand versus a movement along the same demand curve and supply curve for this product.
Discuss the new equilibrium price and quantity that result from these changes. Can you demonstrate some of these changes graphically?
Summer is traditionally a time of increased demand for oil because of the many families driving and flying to vacation sites. What would be the combined effect of these two events on the summer market for gasoline
1. in the model of a dominant firm assume that the fringe supply curve is given by q -1 0.2p where p is market price
the supply and demand for one product can affect the supply and demand for substitute items. explain and give examples.
Determine the direction of comparative advantage and the limits to the relative wage rate A and B are the countries, the products are S and T and A has s=6 and T=2, and B has S=15 and T=12
Jen left a job paying $75,000 per year to start her own florist shop in a building she owns. The market value of the building is $100,000. She pays $30,000 per year for flowers and other supplies
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It is mentioned that Whirlpool provides three different types of appliances that vary in the amount of features that are offered. Discuss the product differentiation across these types. How could this affect production costs negatively? Positively? W..
Consider the table below, showing stock option prices for various contracts (per share) : Stock price Strike price Option type Option Price
question 1 discuss using examples and academic references the statement that perfect competition gives an optimal
Name at least two legislations to prevent monopolization of businesses
a plot crowding out for the following situations on a graph and explain why you get the resultsi perfectly inelastic id
Describe and critically evaluate the use of real GDP and the unemployment rate to track macroeconomic performance over the business cycle. Discuss current data on these variables.
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