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Suppose you are the manager of a California winery. How would you expect the following events to affect the market equilibrium price you receive for a bottle of wine? Please state the shift (leftward or rightward) of demand or supply.
a. The price of comparable French wines decreases.
b. One hundred new wineries open in California.
c. The price of a glass bottle increases significantly due to new government anti-shatter regulations. d. Researchers discover a new wine- making technology that reduces production costs.
e. The average age of consumers increases, and older people drink less wine.
Consider the market for taxi service in a city. Explain, by using supply and demand curves, how each of the following actions will affect the market. (Consider each case separately) A. Bus drivers go on strike. B. Bus fares increase after a strike by..
Around 2000, the dotcom bubble in the stock market burst and the US entered a recession. What would the neo-classical policy prescription have been for the US government and the Federal Reserve to do about this recession? How would this have operated..
Calico Computing is a firm that sells software integration and infrastructure packages to schools and universities. Georgia Redding is an inside sales representative with Calico Computing. As an inside sales representative, her sales presentations ar..
Do you think the attitudes and bargaining behaviors of the participants in collective bargaining negotiations are more or less important in the final outcome than economic conditions and factors? Why?
The market for autographs by a superstar baseball player during the 1950s and 1960s indicates that while the player’s autograph is not rare it remains highly desirable and of relatively high price to collectors. Use one graph to show both the demand ..
Waiting times to receive food after placing an order at the local Subway sandwich shop follow an exponential distribution with a mean of 58 seconds. Calculate the probability a customer waits: 8. b. More than 112 seconds.
Suppose the point of tangency that characterizes long-run equilibrium for a monopolistically competitive firm occurs at Q1 units of output.
What are some of the different types of judicial philosophy in how to interpret the law? Outline the theories of judicial restraint and judicial activism. What are some of the advantages and disadvantages of each theory? Explain. Lastly, give at leas..
q. throughout history the most popular form of money has been gold.a. give three reasons why gold has been such a
By what percentage will the demand for coffee increase each year? Show how you got the solution. How soon will the area have enough demand to support a fifth Starbuck? Show how you got the solution.
Shellys preferences for consumption and leisure can be expressed as U(C, L) = (C − 200)(L − 80) (1) This utility function implies that Shellys marginal utility of leisure is C − 200 and her marginal utility of consumption is L − 80. Write down the bu..
A paragraph or so, explain the differences between the public debt and the government budget deficit. Explain how deficit spending could be a burden to future generations.
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