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Assume you've just been assigned to a project to determine the future demand for natural gas in a rapidly growing community where the population is expanding because of the influx of several large employers. The community is in a geographical area with four distinct seasons that are characterized by cold snowy winters and hot summers. The population in the community is mostly middle class with larger than average families. There is an existing utilities structure with adequate supplies of natural gas as well as other competing energy products. You can assume that all the factors of a general demand function as described in your text beginning on page 40 have been considered.
1. Describe five additional factors that you consider would be important for forecasting the demand for natural gas over the next decade. (Keep in mind the data must be quantifiable, you will have to identify a process for collecting the information over an appropriate time period, and the data must be relevant as a factor in accurately determining the demand for natural gas.)
2. Briefly outline the processes you would use in gathering and analyzing these five additional factors for forecasting the demand curve for natural gas.
3. Provide appropriate feedback for your peers in terms of the feasibility of the significance of the factors outlined and the processes described.
The Johnson Corporation produces 1000 wood cabinets and 500 wood desks per year, for total cost of $30,000. It has been estimated that if the firm produced 1000 wood cabinets only, the cost would be $23,000, and if the firm produced 500 wood desks on..
Many centrally-planned economics, such as the former soviet union, set price ceilings on agricultural products in an attempt to aid consumers. 1. Analyze the welfare effects of a price ceiling graphically. Assume for simplicity that the country does ..
Which of the following signals to firm owners that scarce resources might be better allocated to a different industry?
The monopolist from the previous problem now faces a specific tax of 20, τ = 20. What are the optimal quantity and price given the tax? Calculate the welfare loss from the tax.
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Consider a facility that has a 30-year life, a replacement cost of $1 million, and an interest rate of 5%. Calculate the animalization factor. Show your work/ calculations using the formula. Based on the animalization factor, calculate the annual cos..
Problem 1: William is the owner of a small pizza shop and is thinking of increasing products and lowering costs. William's pizza shop owns four ovens and the cost of the four ovens is $1,000. Each worker is paid $500 per week.
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Schultz Industries is considering the purchase of Arras Manufacturing. Arras is currently a supplier for Schultz, and the acquisition would allow Schultz to better control its material supply. The current cash flow from assets for Arras is $7.9 milli..
State the name of the company in a key industry and determine the type of market you believe it to operate in (perfectively competitive
A) Using two separate supply and demand graphs, graphically show and verbally explain how a shortage is created by each of the two changes. B) Explain what eventually happens to price because of the shortage in a free market. C) Explain how supplie..
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