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Consider this quote: “The cost of hiring a freight-liner (container ship) to carry products around the world has collapsed in recent months. If this is any guide for the global economy, the picture is looking stormy. The fundamental problem seems to be huge excess supply in the container shipping industry and some businesses are struggling to survive.”
a. What does the quote mean by “stormy”? [Consider a world circular flow diagram]
b. If the above is true, discuss how this could be represented in the Circular Flow diagram for the US?
The fact that a consumer is not required to buy the goods that a given firm produces, as well as the fact that the consumer might want the goods a firm produces, but may choose to buy from other firms instead.
1. There is a fruit seller who has 30 Kgs of apples to be sold and he wants to fix a price so that all the apples are sold. There are three customers in the market and their individual demand functions are given below:
assume that the low-calorie frozen microwavable food company from assignments 1 and 2 wants to expand and has to make
How much control might an organization have over pricing based on a product's elasticity. Discuss which of elasticity rules you used to determine your answer.
Explain Thorstein Veblen's theory of consumption. Is economic behavior, and consumption in particular, driven by utilitarian impulses or socio-cultural factors? What is the point of conspicuous consumption and conspicuous leisure?
Illustrate what does your anticipated adjustment process imply about the CR for the industry.
explain the difference among moving along a curve and shifting the curve. Assume a market is in equilibrium and the demand curve shift to the right, describe the market adjustment process in restoring equilibrium.
Assume the following data for a country: total population, 500; population under 16 years of age or institutionalized, 120; not in labor force, 150; unemployed, 23; part-time workers looking for full-time jobs, 10. What is the size of the labor force..
Suppose an environmental regulation requires all polluters to reduce emissions by 50%, even though the cost of pollution control differs widely from one polluter to another. Why might this be inefficient, using the definition of efficiency developed ..
Suppose the demand curve for a product is represented by a typical downward-sloping curve. Now suppose that the demand for this product increases. Which of the following statements accurately predicts the resulting increase in price?
Illustrate distinguish between the functional distribution and personal distribution of income.
q1. elucidate relationship among production curves average product and marginal product also cost curves average
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