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1. D&Z Dry Foods Distributions specializes in the whole distribution of dry goods, such as rice and dry beans. The firm's manager is concerned about an article he read in the morning's Wall Street Journal indicating that incomes of individuals in the lowest income brackets are expected to increase by 10 percent over next year. While the manager is pleased to see this group of individuals doing well, he is concerned about the impact this will have on D&Z Dry Foods. What do you think is likely to happen to the price of the products D&Z Dry Foods sells? Why? Explain
2. Some have argued that higher cigarette prices do not deter smoking. While there are many arguments both for and against this view, some find the following argument to be most persuasive of all: "The laws of supply and demand indicate that higher cigarette prices are ineffective in reducing smoking. In particular, higher cigarette prices will reduce demand for cigarettes. This reduction in demand will push the equilibrium price and quantity back to its original level. Since the equilibrium price remains unchanged, smokers will consume the same number of cigarettes" Do you agree or disagree with this view? Explain.
What is a fixed payment made by the privately insured patient in exchange for receiving the medical good or service? What is the percentage of each and every medical bill that the patient pays rather than the flat dollar amount?
Consolidated Drugs, Inc. has spent $4 million developing and testing a new anti-aging drug. Management now estimates that it will cost $2 million to produce and market this new product.
Discuss the feasibility of lower middle or low income countries resorting to fiscal stimulus to stave off recessions in their own economies. You can use one or more countries as examples.
Discuss the reason why governments might want to intervene and how they might do- with respect to the following "problem" in the functioning of an otherwise perfectly-competitive ("pareto-efficient") economy:
Explain why both marginal and average costs are believed to eventually increase in the short run.
By how much will each firm reduce its SO2 output? Which firm will buy permits, which firm will sell them, and how many permits will be exchanged?
Suppose Bank of Canada (BOC) purchases $100 million worth of government bonds from a chartered bank. Assume BOC imposes 5% legal reserve requirement ratio to the banking system.
What is the effect on investment? What is the multiplier effect?
Assume a 2 sector economy (where the two sectors are consumption and investment) where C= $100+ 0.9 Y and I=$50
"If every employer hired its best qualified applicants for a job at every opportunity, the phenomenon of black poverty (as distinct from poverty) could be wiped out in ten years." Do you agree/disagree? Comment.
What is the maximum amount of good Y that can be purchased if X and Y are the only two goods available for purchase and P x = $5, P y = $10, X = 20, and M = 500?
Suppose in country Triniland employers are required to pay overtime at 50% above the normal wage rate for workers who work beyond 8 hours a day.
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