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In recent years, there have been news reports that toys made in China are unsafe. When those news reports show up on CNN and Fox News, what probably happens to the demand for toys made in China? What probaly happens to the equilibrium price and quantity of toys made in China? Are Chinese toymakers probably better or worse off when such news comes out?
In 1998, Coca-Cola held a contest inviting high-school students to devise promotional ideas for the company. A prize of $500 would go to the school with the best PR strategy. What would happen if Mike sued for violation of his First Amendment rights?
problem set one1-price-elasticity of
Explain (with the help of an example) the concept of derived demand for factors of production. The answer must be explain the concepts as if your explaining it to a person who have no knownlege with the subject.
Consider the following market supply: QS = c, where c is a constant and c > 0. At price P = 0.5(a/b), the absolute value of the price elasticity of this market supply is [e]. (NOTE: Write your answer in number format, with 2 decimal places of precisi..
Differentiation strategies vary in degree of effectiveness from one type of market structure to another. For firms other than perfect competition
The US economy is currently operating below Potential GDP. Without using someone else's estimate of Potential GDP, how would you approach calculating how much current activity is below Potential GDP? Where would you get the data for your calculation?..
Life insurance policies typically have clauses stipulating the insurance company will not pay claims arising from suicide for a specified term—typically two years from the date the policy was issued. Use precise economic terminology to explain the li..
Brazil has a population of about 200 million, with about 145 million over the age of 15. Of these, an estimated 25 percent are functionally illiterate. The typical literate individual reads only about two no academic books per year, which is less tha..
Indicate how each of the following factors will change the individual demand curve for aspirin tablets:
Disability payments replace a higher fraction of the wages of low-wage workers than of high-wage workers.
Explain how and why trade barriers have come down in recent decades. List the reasons why our trade deficit has grown so quickly since the mid-1990s. What can we do to help bring it down? Explain how international trade (exports and imports) affects ..
The market for books is perfectly competitive and a constant cost industry. The short run industry supply curve is given by the equation P=10+Q, while the industry demand curve is given by the equation P=150-Q, where P is the market price and Q is th..
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