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Provide two examples of actions taken by company, government, or organization whose effect is to prevent specific markets from reaching equilibrium. What evidence of excess supply or excess demand c
Critically discuss why the price elasticity of demand varies along a demand curve, even if the demand curve is linear. Please provide one paragraph response to this question.
Critically discuss at least two costs and two benefits of increasing the minimum wage. Should the minimum wage be increased?
What is important about the connection between the demand for goods and market failures? What happens to the demand for goods when a market fails
Assume the ratio of deposits that banks hold in form of reserves is 7 percent. Assume further that people want to hold 8 percent of their deposits in the form of cash.
Mention two economic choices you had to make with in last week. Alfred Marshall said in 1890s, "economics is the study of man in ordinary business of life." You must examine one or two of these choi
Critically discuss the law of diminishing marginal productivity? How does it differ from average productivity?
The demand for personal computers can be characterized by following point elasticity = -5, cross-price elasticity with software = -4, and income elasticity = 2.5. Point out whether each of the follo
Graph the changes in the wheat market as described. Be sure to show how change in demand and change in supply increased the equilibrium price.
Please draw these four graphs carefully as you would for a workplace memo. There are no equations or numbers in this exercise.
You're a manager at the Chevrolet division of General Motors. If your marketing department estimates that the semiannual demand for the Chevy Tahoe is Q = 100,000 - 1.25P,
Assume the government wishes to spur the production of peanuts for their potential usage in making biodiesel in order to reduce our dependence on foreign oil.
The demand for new homes in United States is often described as highly cyclical and very sensitive to housing prices and interest rates. Given these characteristics
Why is it significant for managers to understand both short run and long run supply and demand? Please give one hypothetical or real life example that illustrates your response.
Assume that someone told you that an increase in the price of DVD players caused a decrease in the demand for DVDs. Is this what you would predict? Why or why not?
How do concepts of accounting profit and economic profit differ? Why is economic profit smaller than accounting profit? What are the three basic sources of economic profit? Classify each of the foll
Illustrate the effect of an increase from 1998-1999. How would the increase in demand affect the price? How would the price effect depend on the price elasticity of supply? Please explain how. (Expl
Assume the government decides to implement a tax on cigarette manufacturers in order to raise the price of cigarettes. How much does the amount of smoking respond to changes in the price of cigarett
The demand for company X's product is given by Qx=12-3Px+4Py . Suppose good X sells for $3.00 per unit and good Y sells for $1.50 per unit.
Suppose that, for a particular demand curve, when price rises from $50 to $60, total revenue falls from $8,750 to $7800. Based upon this information, what is the quantity demanded at each price.
How is the price of a good or service set in a pure competition market? Does the firm selling the product "set the price" based upon their production costs?
The market consequences of a price floor are discussed. There are only two alternatives, a price floor set lower that what already exists in the market, and the price floor set higheer than the exis
Consider two firms X and Y that produce identically tasting cold drinks. In order to increase the demand for its cold drink, firm X increase its advertisement outlay.
In your response, include an example of a business that has suffered from poorly estimating the demand of its products. Evaluate how or why the business made such a mistake.
The markets for the professional sports players, farmers, factory workers, engineers and teachers are generally competitive markets.