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Demand and Supply Sample Homework
Question: Given the products below and the events that affect them, indicate what happens to demand or supply, and the equilibrium price and quantity in a competitive market. Identify the determinant of demand or supply that causes the shift. Justify your answers fully in each case.
(a) Home heating oil. There is a severe winter in the regions using the oil; the cost of a barrel of oil rises for producers of home heating oil.
(b) Organic foods. People become more concerned about chemical additives in food; traditional farms are switching to more organic methods.
(c) Film cameras. The price of digital cameras falls for consumers; there is a decline in the number of stores selling film cameras.
(d) Bread. Many consumers adopt a low carbohydrate diet and avoid bread products; the price of flour falls for bread producers.
describe the concept of investment spending, as wellas what will happen to the aggregate demand curve if investment spending is increased autonomously and provide an example ofspending that a macroeconomist would consider "investmentspending."
What is the difference between explicit and implicit costs? Which of the costs is most closely associated with opportunity costs and why?
How much should the retailer set the camera price at in order to maximize his own profit and what is the most logical explanation to what may have happened assuming that both companies kept doing business afterwards as usual?
a. Profits earned by Ford Motor Company in 2012 on automobile production in Ireland
Explain how international trade restrictions hurt the American consumer. Provide an example to support your argument.
Is the marginal social cost of the activity greater than or equal to the marginal cost to the individual Consequently, without intervention, will there be too little or too much(relative to what would be socially optimal) of this activity
Policymaking is much easier when the state of the economy is easily observable than when there is uncertainty about how the economy is doing, as this problem illustrates. Suppose that the economy is either in an expansion or a recession. Suppos..
The demand and supply equations in a market are given as Q = 30 - 2P and Q = 10 + 2P. If the government imposes a tax of $0.50/unit on the suppliers,
For a normal good, explain the difference between the income effect and the substitution effect using an appropriate diagram
Charles decides to go to an operabecause he does not want to waste the $100 he spent on the nonrefundable and nontransferable opear ticket, despite the fact that he would prefer to forgo the opera and go to a concert with Bette on the same night.
Assume that the following data characterize the hypothetical economy of Trance: money supply = $180 billion; quantity of money demanded for transactions = $160 billion; quantity of money demanded as an asset = $10 billion at 12 percent interest, i..
Determine what type of monetary policy has the Federal Reserve been using for the last year easy or expansionary, tight or contractionary, or neutral or non-involvement)?
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