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In supply and demand theory, an increase in consumer income for a normal good will:
Shift the demand curve in and to the left, lowering the equilibrium price but raising the equilibrium quantity.
Shift the supply curve out and to the right, lowering the equilibrium price but raising the equilibrium quantity.
Shift the demand curve out and to the right, lowering the equilibrium price but raising the equilibrium quantity.
Shift the supply curve in and to the left, lowering the equilibrium price and quantity.
Shift the demand curve out and to the right, raising the equilibrium price and quantity.
Suppose that a monopoly computer chip maker increases production from 10 microchips to 11 microchips. If the market price declines from $30 per unit to $29 per unit, marginal revenue for the eleventh unit is?
A smaller network carrier (hub and spoke airline) is considering expanding its product by adding a new route connecting its hub with the “fortress hub” of a global network carrier (see Doganis sections 9.6 & 9.7). Choose any one of the topics from Ba..
A particular workstation has a capacity of 1000 units per day and variability is moderate such that c2a +c2e/2= 1. Demand is currently 900 units per day. Suppose the management has decided that the cycle time should be no more than 1.5 times the raw ..
If you were responsible for setting the NAAQS for lead, what key determinants would you consider if the standard were established to meet the efficiency criterion. Be sure to itemize separately the benefits and costs associated with your decision.
Visualize you are a manager for good or service used. From results of the deterioration equation, recommend strategies to either preserve demand if an increase over 3 periods occurs or improve demand
Consider Bertrand competition but with differentiated products. The products are Mishka’s coffee and Temple coffee. The demand for Mishka’s coffee is given by qM = 12 − 2pM + pT where pM is the own price of coffee and pT is Temple’s price of coffee.
What is regionalism? Use European Union as an example to illustrate the major steps toward regional integration. What major features can you identify for regional integration in Europe. North America and 1'ast Asia? What are the dynamics for regional..
When the Euro was introduced in 1999, the exchange rate was $1.19 per euro. In March 2011, the exchange rate was $1.42 per euro. Was this change in the dollar-euro exchange rate good news or bad news for U.S. firms exporting goods and services to Eur..
You operate a small but popular and profitable restaurant/bar in a college town. There are several other restaurants and bars nearby. You have conducted a market research study and discovered that the price elasticity of demand for local residents is..
About 80% of the U.S. federal money that could have been spent on the project could alternatively have been used to improve the subway system. Is this fact relevant for estimating the net benefit of the project? If your answer is no, explain why the..
We know from learning about Aggregate Supply and Demand that during recessionary times the tendancies of our leaders will be to try to increase our Aggregate Demand - the thought being that the more we demand, the more businesses will produce and thu..
In many urban areas, the fast food industry is a common example of a market that is monopolistically competitive. Are there any barriers to entry for potential firms that might wish to enter the fast food industry? Also, what are the prospects for a ..
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