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Macroeconomics Apply the concepts of supply and demand to life situations. Characterize how the market forces of supply and demand determine prices in a free market system. Interpret the effects of price control policies on the economy. What did you learn? Why is it important? How do the Economics concepts we just covered impact the economy, you and your family, your friends and your employer? WRITING TO LEARN: Select the top ten (10) most important ideas / concepts that you learned in chapters 3 & 4 of your textbook. NOTE: Choose five from each chapter. Number your list and write a three to four sentence explanation of why each idea / concept is important to you and how it affects your life.
Ellen wants to start a business. She is leaning toward setting up her company as a sole proprietorship, but she is also looking at other possibilities. Ellen has two major goals. First, given her limited personal wealth and eagerness to get starte..
a firm has 2000000 in sales a lerner index of 0.56 and a marginal cost of 35 and competes against 900 other firms in
1. why do most cities in the united states now have more radios but fewer radio repair shops than they did in 1960?2.
Assume that federal health investigators are pursuing a report that one of your manufacturing plants has a higher-than-average incidence of cancer among its employees. The plant happens to keep excellent medical records on all its employees, stret..
The demand curve is given by: QD= 500- 5Px+ 0.5I + 10Py-2Pz where QD= quanity demanded of good X Px= price of good X I= consumer income, in thousands Py= price of Good Y Pz= price of good Z a) Based on the demand curve above , is X a normal or infe..
How important were price considerations in making your college decision? Would a change of a few thousand dollars have mattered and would you expect the price elasticity of demand to be higher for financial-aid students or for non-aid students?
question 1use the information on the kumquat market in the table to answer the following questions.a. what are the
you are considering auctioning a leonardo da vinci original sketch. you entice four bidders to come to your auction.
Suppose that the market for the services of hookah bars is in long-run equilibrium. (1) more cities end regulations that had generated fixed costs for hookah bars, and (2) many nonstudent adults discover previously unknown preferences for the serv..
Calculate the market demand for strawberries and plot it on a graph. On the same graph plot the supply function using the data in column A. What are the equilibrium price and equilibrium quantity?
Why might a profitable motel shut down in the long run if the land on which it is located becomes extremely valuable due to surrounding economic development What kinds of costs are involved in making a decision to shut down
Who bears the cost of import barriers protecting a job where the industry employing labor has lost its comparative advantage Consider the use of tariffs on steel imports into the U.S. during the recent Bush Administration.
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