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The purpose of this assessment is to help you recap the concepts covered in this course and discuss the challenges you have faced in previous assessments. Review the concepts covered in the previous modules and discuss the following questions: • How do the graphs and numeric models help you in economic analysis? • Is it possible to analyze an economic problem without any graph or numeric model? • What are the tools other than graphs that you can use for economic analysis? • How many graph representation or numeric models did you use while completing the assessments of this course? • Which concepts of microeconomics did you find challenging and what did you do to improve your understanding of these concepts? • What two tips or best practices you acquired in this course that will help you prepare for the assessments?
What are the demand and supply curves for this economy? Calculate the equilbrium price and quantity and calculate surplus /shortage at price of $24.22 and $20? What would be the total revenue for the supplier at the equilbrium?
Quasimodo has a demand function for earplugs that is given by the equation D(p) = 100 − p. (a) If the price of earplugs is $50, how many earplugs will he consume? (b) If the price of earplugs is $70, how many earplugs will he consume? (c) What is the..
Suppose you make 30 annual investments in a fund that pays 4% compounded annually. If your first deposit is $6,000 and each successive deposit is 4% greater than the preceding deposit, how much will be in the fund immediately after the thirtieth depo..
Illustrate what is the equilibrium price and equilibrium quantity. What would you expect to happen to price.
there was a month in which employment and the unemployment rate both rose. Assuming the computations were correct, how is it possible for both to have increased.
Suppose the two newspapers merge. Illustrate what is the likely post- merger bargaining outcome.
Currently, every book it sells is priced at $10.50. Show strategy to offer a discount that lowers the price of a book to $9.50, a 10% reduction in price using the midpoint formula.
Suppose you owe $1400 on your credit card. The APR is 12%, compounded monthly. The credit card company says your minimum monthly payment is $20.84.
"The theory of comparative advantage (and the associated projected economic gains from free trade) is a well-known economic theory, but what happens in the real world is closer to the opposite. If, as the result of free trade, some American workers l..
Senator Snodgrass says, “You economists say the economy is recovering from the recession but corporations are sitting on piles of cash and the unemployment rate is not declining. If the economy is really getting better, why aren’t more people getting..
Consider a monetary policy rule that has the following parameter values: r ¯ = 2%, m ¯ = 1/2, and π ¯ = 2%. (a) Obtain data on the inflation rate for the most recent 12-month period possible (you should briefly document how and where you obtained the..
Illustrate what is the market elasticity of demand. What is your elasticity of demand in this Cournot oligopoly.
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