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Using diagrams, the likely effect on the market for traditional butcher services, ,Draw a diagram that shows the main macroeconomic flows in the economy. Identify all components of the diagram. ,The weekly demand and supply schedules for t-shirts (in millions) in a free market are as follows:
Price (£)
8
7
6
5
4
3
2
1
Quantity demanded
10
12
14
16
18
20
Quantity supplied
What is the equilibrium price and quantity?
Assume that changes in fashion cause the demand for tshirts to rise by 4 million at each price. What will be the new equilibrium price and quantity?
Why does the equilibrium quantity increase differ from the increase in demand?
Now plot the data in the table on a graph and show the equilibrium. Also plot the new data corresponding to your answer in part (b).
Referring to the original data, what is the price elasticity of demand between a price of £7 and a price of£5? Is it elastic or inelastic?
Suppose the person lives for two periods, U = u(c1) + bu(c2), and can acquire an asset at price q, with c1 = w1 – qa and c2 = (d + q*)a + w2, where d = dividend and q* = selling price.
a. reserve requirement for banks is set at 5. households deposit savings of 35000 into the third national bank.how much
profit = (quantity of output) x (price - average total cost), marginal revenue = (change in total revenue)/(quantity of output).
You have a utility function characterized by u(c)=c^(1/2). If you have just $5 before you play the game (so you have just enough to play), what will your expected utility be if you decide to play the game?
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Research and respond to the following questions in essay format, including provision of references for support. Each answer should demonstrate exploration beyond the text, and should demonstrate depth worthy of an MBA. Analyze the effectiveness of th..
analyze the major short-run and long-run production and cost functions for the low-calorie microwaveable food company.
Draw a graph in the income-leisure time space showing a wage increase that leads an individual from one interior solution to another. Identify clearly on your graph the income and substitution effects on hours worked of the wage increase, as well ..
You are told that there are two linear lines in a coordinate graph with x the variable on the horizontal axis and y the variable on the vertical axis. The first line contains the points (5, 10) and (10, 20)
The team must write a speech which the Speaker must deliver about the current state of the U.S. macroeconomy to a number of amateur reporters who are unfamiliar with economics.
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