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Question 1
How is the equilibrium price determined? What happens if the price is above the equilibrium price? What happens if the price is below the equilibrium price?
Question 2
Briefly discuss the determinants of demand other than price.
Question 3
What is production? What economic factors are involved in production?
Question 4
Distinguish between scarcity and shortages.
Suppose there is a tax cut, holding constant government purchases and all other factors affecting the AD curve. Illustrate the short run effects on output and the price level and LABEL them.
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases and particulate..
How many strategy profiles are there in this game?
Using an indifference curve, illustrate Lorne's decision if he decides to work 10 hours per day. Calculate, and in your diagram, identify, Lorne's quantity of leisure, supply of labour, and consumption. What is the price of leisure
part-1question 1draw a correctly labeled loanable funds graph that shows what happens to real interest rates for each
If Bayer is currently making normal profits on most of the products in its product line, but is making pure profits on its new Alka-Seltzer Plus with decongestant, what should Bayer do to increase its profits?
Explain and show graphically how this market would be affected if there is an increase in the number of dairy farmers that produce hormone free milk and at the same time south african consumers chose to be more healthy?
The demand curver for your firms product is linear.Based on recent sales data you have determined that at the current price the price elasticty of demand is .80. A. Is the current price on the upper or lower portion of the demand curve
If a small country wants to protect its domestic producers from more efficient foreign competition by imposing an import tariff, will it come out ahead Do consumers lose when a large country protects it's less efficient producers from foreign comp..
Identify three decisions that you have made in the past (e.g., purchase decision, political decision, etc.) and their associated trade-offs. Provide support for your response.2. Create a positive question and its associated normative question.
Explain the circumstances in which a monopolist may encounter a free rider problem and determine the senses in which a perfectly-discriminating monopolist is efficient or inefficient.
Describe the analogies used by Kao Tzu and Mencius to express their differing views on the nature of being human. Then, create an analogy of your own that you think accurately reflects what it means to be human.
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