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1] If the demand for corn increases due to its use as an alternative energy source, what will happen to the supply of corn's substitute such as soybean? Assume that, besides being substitutes for one another, corn and soybeans require the same raw material, such as the same farm land. Think about whether farmers will use their soybean farms to produce more or less corn. Explain, in economic terms [e.g. supply determinants], why this is so.
[2] What will happen to the price of corn oil?
[3] How does the price elasticity of demand for corn oil influence the quantity-demanded of corn oil and the Total Revenue earned by sellers of corn oil? Explain, using economic terms, why this is so.
Critically evaluate and explain: in monopolistically competitive industries, economic profits are competed away in the long run; hence, there is no valid reason to criticize the performance and efficiency of such industries.
How many DVD's will she have to sell to keep the store open for an extra hour to make profit, if each DVD is $12.
Illustrate what real world data would you want to examine. What would you consider to be evidence of tit-for-tat pricing.
What is meant by "retrospective" billing of health care expenses. How can a system of retrospective billing impact health care expenditures
How much does the airport need to set aside now to pay for these costs, if the company can earn 10% per year, compounded every 4 months?
The CPI for 2009 was 195 but i know that the imfataion rate couldn't habe been as high as95% in 2005". In your answer carefully explain what the value of CPI means.
Semi-Salt Industries began its operation in 1975 also remains the only industry in the world which produces also sells commercial-grade poly glutamate.
Unusually good weather which improves crop production also a major oil discovery are examples of unexpected supply shocks in the economy
One months ago, they added five workers and productivity also increased by 50,000 pages. Copiers cost about twice as much as workers. Would you recommend they hire another employee or buy another copier.
What price-output combination would exist with efficient pricing (MC = P)? Draw a graph with MC, Demand curve and MR curves for the problem above.
These forecasts for the Internet creating “perfectly competitive” markets were based on the competitive model we have presented in this chapter. Do you think the Internet has helped create more competitive markets or less? Why?
Find out QD and QS when cost of good X is $12.00. Is re a surplus or shortage. Illustrate what should happen to cost of Good X to drive it to Equilibrium.
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