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1. How is the equilibrium price determined? What happens if the price is above the equilibrium price? What happens if the price is below the equilibrium price? 2.briefly discuss the determinants of demand other than price. 3.What is production? What economic factors are involved in production? 4.Distinguish between scarcity and shortages.
Assume you just finished your third plateful of Thanks giving dinner also it yielded zero units of additional satisfaction.
Then you inherited a piece of commercial real estate bringing in $12,000 in rent annually.
Elucidate how the necessity of a good and the availability of substitutes impact the price elasticity of the product. The product is beef.
Discuss how the two alternatives listed differ on the public-private continuum. Also describe how appropriate public policy might differ as the industry moves.
Suppose instead that the marginal mining cost increases with the amount mined. Illustrate what is now the e¤ect on gold consumption and mining of an increased use of gold as money.
What is the point forecast of sales in the next time period? What is the 95% forecast interval for the next period’s sales figure? (use z = 1.96)
Suppose he is offered fair insurance with a $3000 deductible. What premium will he pay and what will be his expected utility with insurance.
Suppose price of widgets is $10. How many widgets does each firm produce. How much profit does each firm earn. Is industry in long-run equilibrium? How do you know.
Each potential bidder writes down a bid on a piece of paper. buyer with highest bid gets item and has to pay third highest bid. Is there dominant strategy equilibrium for this auction. Make sure you exhaust all possibilities.
information effect the calculation of the inflation rate If so, Elucidate how. Does McDonald earn an accounting profit? Does he earn economic profit
Based on the collected data, evalute the current macroeconomic situation and its impact on Walmart and Starbucks.
Consider the construction of handmade rugs moreover assembly line robots in Canada and India.
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