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Q-1 Explain how the market economic system works to answer the fundamental economic questions. Explain how this may differ from a command economic system. Historically, which has worked best and why?
Q-2 Explain how a market economy compensates for a market surplus. What about a market shortage? Why is price driven toward equilibrium? How does the relate to laissez-faire. What are some factors that may cause the market system to not function effectively?
Q-3 Explain a production possibility curve. Differentiate between points on the curve, points outside the curve, and points inside the curve. How does this related to opportunity cost and scarcity?
Q-4 Different products have different demand elasticity--Define elasticity. Heart medication, for example, is inelastic and corn is elastic. Find a product that has not already been selected and describe the price elasticity and income elasticity. How much control might an organization have over pricing based on a product's elasticity? Discuss which of the elasticity rules you used to determine your answer
From the e-Activity, assess the implications of changing the federal funds rate from 4.5% to 2%. Explain how this change will affect the economy's performance
Penny is making pipe cleaner flowers to sell on Etsy for $1 apiece. Penny and her friends become more efficient as they gain practice in flower production. The first 100 flowers cost $1.50 apiece. The next 100 cost $1.25 apiece. The next 100 cost $1...
within the discussion board area write 200-400 words that respond to the following questions with your thoughts ideas
The inflation rate would rise naturally as it always has the trick is to keep the supply of product as closely inline with consume needs. This can be done in many ways. If you see prices of a certain product climb you should look at ways to slow t..
The amount that a hospital will be paid for treating a Medicare patient is determined before the patient ever sees a physician.
State and explain the law of diminishing marginal utility and do the same for the law of diminishing returns and identify and explain two similarities and two differences between these two laws.
Draw a new set of graphs that illustrate long-run equilibrium in a constant-cost competitive industry. Use two graphs, one for the market and another for a representative firm.
Suppose that there is a cultural shift in America emphasizing the importance of saving money as opposed to current consumption. a.) Illustrate the impact on the interest rate in the market for loanable funds. What direction does the interest ra..
You are the manager of a firm that receives revenues of $40,000 per year from product X and $90,000 per year from product Y.
Suppose the feder reserve adopts a tight money policy to slow the economy down because of its concern about potentially rising inflation inflation. Show this policy outcome graphically using the IS-LM model assuming people believe the new policy is t..
If the power of special interest were reduced for example, through the adoption of supra-majority voting rule, would economic efficiency improve How would contributions to political campaigns be affected
A sales tax of $1 per unit of output is placed on a particular firm whose product sells for $5 in a competitive industry with many firms.
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