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Automobile Industry: Demand and Supply Changes
Most of us participate in the economy every day. As households, we can provide labor to firms or government in the input market and we are also consumers of goods and services in the product market. Think of a good that you have purchased in the last six months. If you haven't purchased any goods or services, you can think of some popular items. Find a recent article on that good or the firm that produces it.
Pick an article or good recently purchased, articulately and answer the following questions:
1. Briefly describe the article.
2. Did your demand for the good change? What are some factors that would cause a change in demand for this good? How does quantity demanded of this good change?
3. Give some examples of changes in supply in the context of your good. What would change the quantity supplied?
4. What would happen if the government intervened and lowered the maximum price that could be charged for this service or good. How would this change the output and price?
Illustrate the point price, income, also cross elasticities at the present values. Interpret your answers, saying how much a 1% change in each variable impacts demand.
Discribe in detail ONE factor of how government involvement in the marketplace can impact or not impact the economy.
Explain how will reduced smokers affect the GDP in the long and short run. What does increased revenue from cigarette taxes do to the deficit and budget.
Illustrate what are the 2 policy options used to influence the economy
Compute the income elasticity also elucidate how sale of the novels would change during a period of rising incomes.
Explain what happens to the nation's aggregate supply curve, the short-run equilibrium level of output, and the price level if:
Compute the annual lease payments. Remember, the payments are to be considered at the beginning of each year - annuity due.
If the indurtry can pay only one of the six salary levels shown, which should it choose? How many workers will it employ?
Explain why should a government be concerned with the pricing of products that a company transfers.
How would you show what happens with equilibrium income if agents suddenly lose confidence and decide to spend less, even if their income has not changed?
Assume you executed a 90-day forward contract to exchange 100,000 Swiss francs into US dollars. How many dollars would you get 90 days hence.
Explain how sensitive do you think your organization is to economic expansions upswings and contractions.
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