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Write an essay:
a) Use an indifference curve-budget line analysis to depict the situations, prior to the ban on smoking, of a student who smoked on campus, and of a student who did not smoke.
b) Use an indifference curve-budget line analysis to depict the situations, after the ban on smoking, of a student who initially smoked on campus, and of a student who did not smoke.
c) Use you consumer theory to assess how much worse off, if at all, each student is after the ban.
d) Consider at least three (3) alternative policies that Curtin University could have implemented that might have achieved the same objective (reduce smoking levels). Evaluate these using your microeconomic theory. (e.g., public relations campaign about harmful effects of tobacco aimed at changing the shape of the ICs; increase price of tobacco; reduce the price of food).
e) Referencing.
Beachfront resorts have an inelastic supply, and automobiles havean elastic supply. Suppose that a rise in population doubles thedemand for both products (that is, the quantity demanded at eachprice is twice what it was.)
Analyze the various exchange-rate systems (floating, managed floating, adjustable pegged, and crawling pegged) and determine which would be most beneficial to the following stakeholders: the U.S. Government
What happens to equilibrium output and the equilibrium interest rate in the short-run, and equilibrium output and theequilibrium price level in the long-run.
Comparative statics examine in economics is best illustrated as comparison of equilibrium points before and after changes in market have occurred.
While sitting in your office one evening, you start to think about some of the key microeconomic messages you wish to communicate to the Board.
United States winter wheat production rise dramatically in 1999 after a bumper harvest. The supply curve shifted rightward; as a result, the value reduced and quantity demanded increased
A refuse recycling operation is considering installing some additional magnetic sorting equipment which will protect the processing equipment from damage. Three alternative systems have been identified, each of which is estimated to save the compa..
Suppose the government regulates the price of a good to be no lower than some minimum level. Can such a minimum price make producers as a whole worse off? Explain.
How do the different economic systems (capitalism and socialism) differ in the way they answer these three questions – What to Produce? How to Produce? and For Whom to Produce?
When the Fed buys government securities in the open market, the money supply ________ because ________. In the quantity theory of money, the assumption that aggregate output is fixed is based on the view that ________.M1 differs from M2 because _____..
What is the equilibrium price and quantity and 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?
In the middle of the decade , the party was over, and coffee wholesale prices started increasing because of some shortages caused by weather and the rising overall market prices again. Where is the new equilibrium price?
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