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Given the products below and the events that affect them, indicate what happens to demand or supply, and the equilibrium price and quantity in a competitive market. Identify the determinant of demand or supply that causes the shift.
(a) Blue jeans. The wearing of blue jeans becomes less fashionable among consumers.
(b) Computers. Parts for making computers fall in price because of improvements in technology.
(c) Lettuce. El Nino produces heavy rains that destroy a significant portion of the lettuce crop.
(d) Chicken. Beef prices rise because severe winter weather reduces cattle herds.
Elucidate how do you compute the effective price reduction resulting from a coupon promotion.
Each of the players chooses an (integer) amount between $180 and $300. Both players receive the lower amount. Five dollars are transferred from the player who chose the larger amount to the player who chose the smaller one. Which strategies survive r..
Consider a country in autarky with only two inputs, capital(K) and labor(L), that produces only two goods apples (A) and bananas (B). What is the condition for efficiency in production?
Describe where the liquidity-demand/money supply equilibrium appears on the graph. Suppose in this period the interest rate is i0. Is this higher or lower than the equilibrium interest rate? Will next period’s interest rate be higher or lower than th..
With the decrease in demand for bridge and tunnel crossings, what is the optimal way to adjust tolls: raise tolls, lower tolls, or leave unchanged.
Supply and demand for corn. At $2.13 per bushel, the annual supply for corn in the Midwest is 8.9 billion bushels and the annual demand is 6.5 billion bushels. When the price falls to $1.50 per bushel, the annual supply decreases to 8.2 billion bus..
Explain the pros and cons of using a change in the tax rate to achieve the desired increase in output. Be sure to thoroughly elucidate how the change will affect equilibrium prices, output, and unemployment.
Determine if each of the following value functions is loss averse.
Among his many endorsement contracts professional golfer Tiger Wood endorses Buick automobiles. Buick reportedly recently extended his contract for another 5 years at $40 million. If Buick makes $4,000 profit per car they must expect to sell at least..
If there is initially a federal budget surplus, and government purchases and transfer payments both fall:
One day when Gilligan was diving in the lagoon he came across a gigantic oyster. Gilligan loved raw oysters so he pried the mollusk from the rocks and hastily came ashore. When he pried open the oyster he was surprised to find a huge gray pearl. Defi..
"Mercantalism recommends that a country should limit its exports, so that more of the otherwise-exportable products are instead available for local consumption." Do you agree or disagree with this characterization of mercantilism's message? Explain.
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