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1. Assume you were having lunch with your best friend who just enrolled in an economics class. He was complaining about how irrelevant the class was, commenting that he saw no useful purpose for economics. According to your friend, I am a nursing major. I will never use this stuff in the real world." Having just completed the same course in economics, you try to explain to your friend that economics affects everyone! How would you explain to this person that economics is a daily part of his personal and professional lives? Use at least three examples of microeconomics and macroeconomics in your response.
2. In economics, the demand for a product is considered downward sloping. This implies that demand increases when price decreases. Is this always true? Name some products for which the demand remains unchanged regardless of the price. Also, mention some products for which demand increases when the prices increase. Give appropriate examples and justify
Explain how many tonnes of wheat and how many tonnes of copper ingots will be produced if each country specializes.
Utilizing such areas as manufacturing and information technology or any related industry / areas that have had high job growth rates explain a scenario that would cause a shift in labor supply and demand.
Suppose fertility motives in rural areas of developing countries. Assume that mortality among children remains constant, but incidence of that mortality shifted from early childhood to late childhood.
Write a 400- to 700-word memo to the economic adviser. Describe the change in tax revenues for the government in the new equilibrium, in both the short and longer terms.
discuss its price elasticity and income elasticity. Explain how much control might an organization have over pricing based on a product's elasticity.
Illustrate the difference among the law of diminishing marginal returns and the law of diminishing marginal rate of technical substitution.
Make sure to discuss how Facebook has both impacted and been impacted by the technological and other changes that comprise a low-friction economy as well as in terms of supply and demand.
The demand curve faced by a industry in a monopolistically competitive industry which is more elastic than the perfectly competitive firm's demand curve.
Dot.com Products, offers storage containers for fine china on the Internet. The corporation is the low-cost retailer of these quilted boxes with fixed costs of $480,000 a year,
Bavarian Crystal Works designs and produces lead crystal wine decanters for export to international markets-What is the optimal level of production of wine decanters?
Elucidate your answers in terms of the market for lawyers fully explaining what changes will occur to demand, supply, quantity demanded, quantity supplied, and equilibrium price for lawyers
A summary of the operations of XYZ Corporation for the year ended, Calculate the net income for the year by preparing an income statement.
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