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Suppose the demand for what you "sell" rises relative to the supply of what you sell.
a. How would you know demand has increased? (What is the first piece of information which would lead you to conclude that demand has increased?)
b. What is the first thing you would do in response to the change in this market signal?
c. What might be the second thing you would do and why?
d. What may be the benefit or danger connected with the choice you made in (c) and how could you decrease the "danger" and increase the "benefit?"
East Chicago is a major production center of steel in the United States. In the process of producing steel, the firms in this area emit pollution both into the air and into the water which adversely affect Indiana residents. The EPAhas determined ..
Explain who are the winners, who are the loosers, we can better evaluate the net impact, if any, on the overall economy.
Now assume that these outputs comprise all of GDP. Keeping 1992 as the base year, Elucidate the GDP deflator for 1993.
Write down his budget constraint and a utility function that captures his preferences. Draw his budget constraint and three of his indifference curves.
Use the classical model and the quantity theory of money to predict how each of the following shocks would affect the real wage rate (W/P), the real interest rate (r), real aggregate income (Y), and the price of goods and services (P) in a closed ..
My utility for cookies C and milk M is u(C;M) = C1=3M2=3. Every week I have wealth w = $8 to spend on cookies and milk. Last week, prices were pC = 1; pM = 1; this week there is a big sale on cookies so prices are pC = 1=2; pM = 1.
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases and particulate..
What is the estimated annual profit for a mine producing 21,346 tons per year (which is at 100% capacity) when zinc sells for $1.00 per pound? There are variable costs of $20 million at 100% capacity and fixed costs of $17 million per year.
The Subway fare in your town has just been increased from a current level of .50 cents to a 1.00 per ride. As a result, the transit authority notes a decline in ridership of 30%. a. Compute the price elasticity of demand for subway rides.
In the text we mentioned how Levi Strauss price discriminates between the European and American markets. This question is designed to help you analyze this situation.
Unfortunately, company headquarters (where all of the firm's records are kept) has been destroyed by fire. So, your first job will be to recreate the firm's cash flow statement for the year just ended. The firm had $100,000 in the bank at the end ..
For this assignment you will write a 500- to 700-word memo evaluating two conflicting consultant reports. Your report should.
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