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1. What factors effect the demand for a smart phone? What are the substitutes for the iPhone; What do they cost? How does this impact demand for the iPhone?
2. With the minimum wage increasing dramatically over the next several years (from $7.25 to $15), McDonalds is testing new order kiosk technology. These may have been prohibitively expensive when labor costs were at $7.25, but at $15, the machine is an attractive alternative for the supplier. Regarding elasticity, remember that a product without a substitute will likely have inelastic demand (people will pay anything, almost, for the product...think insulin for diabetics). If there is a substitute available, the demand will likely be elastic. Thoughts?
A monopolist sells to two groups of people and practices price discrimination by charging separate prices for each group; students and non-students. This monopolist produces at constant marginal cost MC = 10. What is the price for each group if he ca..
Two firms are located on the line and sell identical products. Consumers obtain K utility from consuming a product; assume that K is large enough that all consumers purchase from at least one of the firms despite the costs of transportation.
Suppose that the income of the average Canadian household increases because a larger percentage of women enter the labour force. What do you think will happen to demand for the following products or services? What does your answer imply about income ..
Explain, in the IS/LM/BP framework with fixed exchange rates, the impact of an autonomous increase in foreign demand for a country’s exports upon the country’s national income, money supply, and balance of payments. If there is no impact on a variabl..
By how much has the money supply increased or decreased? If the money multiplier is 5, how much money will ultimately be created by this event?
Quantify cost savings associated with a cost-effective abatement allocation that could be achieved through trading. Illustrate what price must each tradable permit be set to achieve cost-effective solution.
If the economy was working at full-employment equilibrium, illustrate the state of equilibrium after the fall in consumer confidence.
The notion of rent controls can be somewhat controversial. What is the economic rationale for a city to enact rent controls? What are a few unintended consequences of rent controls in large cities? Be specific.
The fed choice of monetary policy strategy is
An old, fully depreciated asset (defender) has O&M cost of $1,500 this year, and these will increase by $1,500 each year. The current salvage value of the asset is $4,500, and this is expected to decline by $750 each year.
Discuss the significance of economic development to international marketing. Why is the knowledge of economic development important in assessing the world marketing environment? Explain.
George and John, stranded on an island, use clamshells for money. Last year George caught 300 fish and 5 wild boars. John grew 100 bunches of bananas. In the two-person economy that George and John set up, fish sell for 3 clamshells each, boars sell ..
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