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Q1. A discount store has a special offer on DVD players and lowers their price from $150 to $100. Assume the store manager observes that the quantity demanded increases from 700 CD players to 1,300 DVD players. Illustrate what is the price elasticity of demand for DVD players?
Q2. (a) Illustrate what are the most important determinants of the demand function that a firm faces for the commodity it sells?
(b) Illustrate what is meant by producer's goods and by derived demand?
(c) Why is the demand for durable goods (both consumers' and producers') less stable than the demand for nondurable goods?
Each firm can monitor the other's price very closely and can respond instantly
If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactions, what is the largest total surplus that can be achieved.
The US put a specific tariff of €10 on European widgets. Calculate the new equilibrium quantity and price as well as the new Monopoly's profit.
Draw his budget constraint in terms of S and T. What is the slope of the budget constraint and how does it relate to the relative price.
Has the U.S. economy experienced inflation or deflation during recent recessions.
If you are near graduation and plan to start your new job in 3 weeks, how does the Bureau of labor statistics classify you? Unemployed, employed or notin labor force.
You complain that the current labor contract specifies a full hour for your lunch break and you still have over 15 minutes left.
What reliance performance would be measured efficient. Elucidate reliance behavior which would be considered excessive.
If the economy was working at full-employment equilibrium, illustrate the state of equilibrium after the fall in consumer confidence.
Explain how it is possible for one of two people in a two-good economy to have an absolute advantage in producing both goods, but trade can still benefit both people.
Will these monopolies typically earn economic profits. Why do not other airlines enter these monopoly routes.
Illustrate we know about the effects of mandatory seat belt laws, which of the following groups would be most likely to mount a campaign to repeal those laws.
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