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Global Microeconomics
Can you assist me with understanding how to respond to these questions
1. Does microeconomics apply to every country in the world_ why? or why not? Describe the specifics of any cases/examples you use and the implications of same on local citizens of that country.
Impact on China on Global Microeconomics
2. The total economy of China will soon pass the United States; most analysts say this will occur in less than 10 years. From a microeconomics viewpoint, what does that mean for:
a) The law of demandb) U.S. consumersc) Our nation in total
How would you show what happens with equilibrium income if agents suddenly lose confidence and decide to spend less, even if their income has not changed?
You're the manager of copies are us. The only copy store in town, the carbon copy, recently got bids on adding a colour copier.
Illustrate what will be the percent change in hotdog sales if the price of hamburgers goes up by 10%.
Assume the situations faced by the subsiquent individuals. Who gains and who loses.
What are the firm's fixed costs? What is the firm's marginal cost? Now suppose other firms in the market sell the product at a price of $10.
Assuming a linear demand relationship determine the demand equation for cigarettes. Show all your calculations. Determine the nature of the Return to Scale as exhibited by the above production function.
Illustrate what it says regarding the current state of the economy and the latest reading and trend.
Calculate the book price and quantity effects of the local 8% sales tax. With perfectly elastic demand, who pays the economic burden of such a tax?
What are some of the positive externalities of education? Why may higher education offer fewer positive externalities than primary or secondary education?
Consider a monopolist facing demand curve Q = 100 - P. MC=AC=$20. Find out the monopoly price, profits, and consumer surplus.
Suppose that Hump Ridge Company produces and sells two products, x and z, and that its total cost is given by-What does λ equal? What does it mean?
the Candiate of your side of the group to research and present a cohesive argument to the other side.
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