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Explain the major difference between the law of demand and the law of supply. Consider the supply and demand schedules below, draw the demand and supply curves on the diagram (Do not submit the curve but use it to help you answer the questions below)
Price
Qty. Demanded
Qty. Supplied
$ 10
0
10
9
1
8
2
7
3
6
4
5
a. In a free market, what will the equilibrium price be?
b. What will the equilibrium quantity demanded and quantity supplied be?
c. If price were $2, what would happen? (Discuss in terms of adjustment to equilibrium.)
d. If price were $7, what would happen? (Discuss in terms of adjustment to equilibrium.)
e. If price were $5, what would happen? (Discuss in terms of adjustment to equilibrium.)
f. Name 4 factors that can cause the demand curve to shift.
g. Name 4 factors that can cause the supply curve to shift.
Consider economy that is above full-employment equilibrium (natural rate of output) because of an increase in AD. Prices of productive resources have'nt changed. With the help of graph
If the government starts welfare policy which pays B to all non workers and 0 to all workers, at what value of B will Mike opt out of the labor force and go on welfare?
Consider a competitive market for which the quantities demanded and supplied (millions per year) at various prices are given as follows:
Select any low income country (or countries) on which you can find data on the following (a web search should yield you the required information)
If the reserve ratio is 15 percent and commercial bankers decide to hold additional excess reserves equal to 5 percent of any newly acquired checkable deposits, then the relevant monetary multiplier for the banking system will be:
What takes place to the equilibrium price and quantity of ice cream in response to each of the following? Describe your answers.
According to the Solow growth model, a country that increases its rate of capital investment can overcome diminishing marginal returns to capital and achieve sustained high growth over time.
Engineers at the national research laboratory built a prototype automobile that could be driven 180 miles on a single gallon of unleaded gasoline.
In the country A, all wage contracts are indexed to inflation. That is, each month wages are adjusted to reflect increases in cost of living as reflected in changes in price level. Explain answer with aggregate supply and aggregate demand curves.
Suppose the government is concerned that the going wage rate of $6 per hour for low skilled workers is too low.
Draw marginal revenue function for this firm. What is the profit-maximizing price for this firm? On the graph describe the area, this represents the net loss to society resulting from the monopoly power conferred by the patent.
Agree or disagree and describe: In monopolistically competitive market, firms that innovate successfully can increase their economic profits and lock in higher market shares over long run.
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