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Supply and Demand: Indeterminancy
In the market for corn flakes the price of cardboard used in packing the cereal has risen at the same time that the Surgeon General releases a report detailing the dangers of a diet high in corn products. What happens to the equilibrium price and equilibrium quantity relative to the initial equilibrium before these two changes?
In the market for bottled water people realize that drinking bottled water causes significant environmental damage due to the waste issues posed by plastic bottles. At the same time, scientists release a study documenting the beneficial effects of drinking water from naturally occurring aquifers (the underground storage place for water that provides the water for bottled water). What happens to the equilibrium price and equilibrium quantity relative to the initial equilibrium before these two changes?
In the market for insulation, people realize that they can substantially reduce the costs of their winter heating bills if their houses are well insulated. At the same time, the government in an effort to increase clean energy jobs passes a law subsidizing insulation producers. What happens to the equilibrium price and equilibrium quantity relative to the initial equilibrium before these two changes?
In the market for chocolate, people read that the consumption of chocolate has major health benefits. At the same time, the cost of growing and harvesting cocoa beans increases. What happens to the equilibrium price and equilibrium quantity relative to the initial equilibrium before these two changes?
The art of economics consists in looking notmerely at the immediate but at the longer effects of any act o rpolicy; it consists in tracing the consequences of that policy notmerely for one group but for all groups.
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)?
Consider the firms short run decision to hire workers. Suppose that a firm produces goods for sale in the perfectly competitive market. labor markets are competitive as well.
Many factors determine the supply and demand for labor. Identify and explain two factors that would increase or decrease the demand for labor. Identify and explain two factors that would increase or decrease the supply of labor.
The variables in the model with particular attention paid to whether consumer spending will increase, job growth will occur, and wages will rise.
Assume that the data describe the condition of the banking system By how much could the banks increase their lending activity?
In 2008 the Fed initiated a program called QE or quantitative easing to try and stimulate the economy. Using a fully labeled aggregate demand and supply graph, show what the objective of this program was. Explain what the new equilibrium point mea..
It can produce 100 cars with 200 workers and 50 machines, or it can produce 166 cars with 300 workers and 75 machines. Would you describe the manufacturer production function as exhibiting decreasing, constant, or increasing returns to scale? Explain..
You work for an online retail store. Your website is your source of e-commerce and represents about 50%-60% of your yearly sales. You are asked to conduct a quantitative risk analysis for your boss. She wants an idea of what it would cost the company..
In spite of significant price increases for gasoline in the last two years, the amount of gasoline consumed has not decreased a lot--does this mean that gasoline is an exception to the law of demand.
In an up-coming textbook chapter you will learn that wages reflect the productivity of labor. That is, higher productivity brings higher wages, and vice versa. How do the readings in this group cast doubt on this morsel of theory.
It is clear that more education results in higher average life time earnings. Therefore, can we conclude that it is always a good investment to spend more income getting more education
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