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Hasbro is approached by a savvy economist who has figured out a way to identify each market and segregate them. The demand from bronies and little girls is as indicated above.
Using concepts we have discussed in class, discuss the effect of having a minimum wage. The minimum wage raises workers’ wage above the equilibrium wage.
Discuss its implications and assess its importance for macroeconomic policy.
Why did the prices of the other items change? What is the probable impact of the change of other items in the CPI basket?
If the government were to make university attendance mandatory and subsidize tuition costs with tax dollars, how might this affect a nation's economic growth?
What is the “Fiscal Cliff”? What effect will the “Fiscal Cliff” have on the economy in the short run? Explain and illustrateusing the Aggregate Supply –Aggregate Demand m
To what effect (income or substitution) do you attribute the change in utility levels between part a and part b?
What would happen to the short-run equilibrium price and quantity of magnesium if a major (economically large) magnesium mine had to close due to environmental regulation? Assume the supply is elastic
Explain the three types of goods: search goods, experience goods and credence goods. What type of advertising would firms likely use for each type of good and why?
Show how a monopoly firm (industry) behaves in short run (using any practical example: emphasize on output, price and average cost).
Find (algebraically) consumer’sAutility maximizing (optimal) combination of Qax and Qay. At this point compute the level of utility enjoyed by consumer A.
Suppose that Total Revenue = 100Q and Total Cost = 30 + 50Q where Q, the quantity sold, is a random variable with expected value 20 and variance 4.
Government regulation is, at times, a result of market failure. The marketplace can often create efficiencies naturally through supply and demand. Unfortunately gaps of inefficiencies result in market
Why do we see cigarette butts and other trash by the side of the road and often by the end of an interstate exit ramp? In other words, consider why we see litter where we see it as well as where we do
Wonder bread is a normal good produced by the Wonder Bakery. Using clearly labeled Demand and Supply curves, show what will happen to the equilibrium price and quantity of Wonder bread in each of the
Which, if any, of the following changes is likely to cause reported GDP (real and nominal) to increase when, in fact, total economic production is little changed?
What quantity, Q, should Banana Republic order, and what price P should it expect to charge? Illustrate the situation in a carefully labeled diagram, including the graphs of demand, marginal cost, mar
Background questions to answer: Where does NSW get most of its natural gas supplies from up to now? What is happening to total domestic gas production in Australia?
Using the criteria of efficiency, define the ways a market may fail and explain how government regulation can offset the problems caused by market failure.
Suppose the company initially has market power and acts as a monopolist. How many pills will the company sell and what price will it charge consumers?
Given your answer above, explain whether, all else equal, the supply of the IRP increases, decreases, or remains unchanged. Explain the reason for your answer and depict it on your graph above.
What is the market equilibrium price and quantity? 2. How much is the consumer surplus and the producer surplus?
Why is the U.S. GDP so much higher than that of Mexico? Would the same reasons apply when we compare the U.S. GDP to Canada's GDP?
What is the corresponding stock variable to the flow variable "investment"