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Identify two microeconomics and two macroeconomics principles or concepts from the simulation. Explain why you have categorized these principles or concepts as microeconomics or macroeconomics. Identify at least one shift of the supply curve and one shift of the demand curve in the simulation. What causes the shifts?
For each shift, analyze how it would affect the equilibrium price, quantity, and decision making.
How may you apply what you learned about supply and demand from the simulation to your workplace or your understanding of a real-world product with which you are familiar?
How do the concepts of microeconomics help you understand the factors that affect shifts in supply and demand on equilibrium prince and quantity?
How do the concepts of macroeconomics help you understand the factors that affect shifts in supply and demand on the equilibrium price and quantity?
Explain how the price elasticity of demand affects a consumer's purchasing and the firm's pricing strategy as it relates to the simulation.
Is this a good model for unemployment? What would you add to study the problem more completely? What assumption does this model make regarding unemployment
Assume that Serena Williams desires to accumulate $1 million in 15 years using her money market fund balance of $182,696. At what interest rate must Serena’s investment compound annually?
A normal good is being produced in a constant-cost, perfectly competitive industry. Initially, each firm is in long-run equilibrium. Briefly explain the short-run adjustments for the market and the firm to a decrease in consumer incomes.
The financial analysis department at MorTex estimates that the price of a textile machine is $ 600 per day. Can management reduce the cost of assembling 5,400 units per day by purchasing a textile machine and using less labor? Why or why not?
1. Draw the payoff matrix (note that Time Warner and District 6SW are the only ones in the market. 2. Based on the payoff matrix what recommendation would you give regarding whether Time Warner should maintain its current price or reduce it to $84..
Draw a diagram to show how a decline in the growth rate of the work force would affect the steady-state level of per-worker capital in the Solow growth model. Explain your diagram briefly.
What would be the outcome for real GDP and How would you show this fall in investment in the aggregate demand-aggregate supply model, assuming the economy is operating in what, in effect, is a horizontal section of the aggregate supply curve?
suppose that most people will not speed if the expected ne is greater than 200. given current police practices the
Compute nominal GDP for each year in economy - Compute the average propensity to consume for each level of income and fill in the table.
Assume initially that the demand and supply for premium coffees (one-pound bags) are in equilibrium. Now assume Starbucks introduces the world to premium blends, and so demand rises substantially. Describe what will happen in this market as it moves ..
Assume industry abatement costs rise from $850 million in 2004 to $1,000 million in 2005 in nominal terms and that CPI is 100 in 2004 and 106 in 2005.
Use a chain reaction to explain the impact of a reduction in the budget surplus on GDP (use a complete chain reaction). Is this an example of expansionary or restrictive fiscal policy?
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