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Suppose you are the manager of a California winery. How would you expect the following events to affect the market equilibrium price (up or down) you receive for a bottle of wine? Please state the shift (leftward or rightward) of demand or supply. a. The price of comparable French wines increases. b. One hundred existing wineries close in California. c. The price of a glass bottle increases significantly due to new government anti-shatter regulations. d. Researchers discover a new wine- making technology that reduces production costs. e. The average age of consumers decreases, and younger people drink more wine.
After the aggregate demand decreases in part “a” above, what kind of a demand-management policy would a typical liberal economist propose, an active policy or do nothing? How about a conservative economist? What justifications would they provide for ..
Using the supply curve shifters (SPEND) explain whether each of the following will increase or decrease the supply of cell phones. Tell whether the supply curve shifts to the right or to the left.
Which of the following statements about an increase in aggregate demand is false? An increase in aggregate demand can be caused by a decrease in other countries’ interest rates. An increase in aggregate demand will result in no change in the price le..
For this week's assignment you will create a financial plan to be prepared for economic fluctuations. What factors can contribute to unemployment? How can technology lead to greater unemployment, or is it a benefit to the economy? Can inflation cause..
Assume that starting salary for an SDSM&T Industrial Engineering graduate is $56000/year, and that the engineer will work for 30 years before retiring. At 4% inflation (treat as interest), would it be better to negotiate a $5600 per year raise, or a ..
Constant returns to scale occur when. Total fixed costs
Your company is looking to buy a new truck. Analyze the three alternatives based on the information below. The trucks will average 25,000 miles per year and will be sold at the end of four years the salvage value listed. It is assumed that the mainte..
Suppose that the average household in a state consumes 500 gallons of gasoline a year. A 10 cent tax per gallon of gasoline is introduced, and couples are given a $50 annual tax rebate per household. Will the household be better or worse off after th..
John has the utility function U = Min{x,y}. The price of x is 1, the price of y is 1, and his income is 50. a) Find John’s optimal bundle. b) Suppose now there is a discount for the first 20 units of x John buys such that px=0.5 for those first 20 un..
Suppose now the price of a cell phone minute falls to $.50 per minute. Show how this will change the budget line.
Suppose that two price-quantity demanded combinations for some product are ($1.20, 90 units) and ($0.80, 110 units). Using the mid points variation of the arc own price elasticity of demand formula, calculate the coefficient of elasticity for both..
Consider a market where the price of the production is determined by p=60-Q. Initially there are Three Firms which all produce the same product. All three firms have zero marginal cost and zero fixed cost. In Nash equilibrium, all firms produce the s..
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