1. Determining changes in equilibrium price and quantity for a perfectly competitive industry given changes in demand and/or supply (Ch. 2‚ p. 60-65; Class Notes) A. Graphical analysis given demand and supply curves (a) While there is increased awareness of Vitamin C available from orange juice‚ a hard‚ freezing winter occurs in most of the orange producing areas. Demand increases while supply decreases. (b) While the technology used for tobacco production is improving‚ there is increased
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move the supply curve to the left. Answer No. 2 Full Employment: AD 2 1 100 180 AD 2 1 100 180 Economic boom : :1 AD1 2 1 80 200 AD2 140 AD1 2 1 80 200 AD2 140 Recession: P Y AD1 2 1 80 200 AD2 140 P Y AD1 2 1 80 200 AD2 140 Short Run and Long Run Aggregate Supply Curves Full Employment YP=140 P 2 1 LRAS YP=140 P 2 1 LRAS Economic boom 2 1 AS YP=140 2 1 AS YP=140 Recession: P Y 1
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investment is $3 billion‚ and government expenditures are $2 billion. If GDP is $14 billion‚ which of the following could be true regarding exports and imports in the economy? Answer Exports are $6 billion‚ and imports are $8.5 billion. Exports are $15 billion‚ and imports are $10.5 billion. Exports are $4.5 billion‚ and imports are $2 billion. Exports are $9 billion‚ and imports are $6 billion. 10 points Question 2 1. Caroline is an artist. She purchases canvas‚ paints
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|1 | |Kinetic theory of matter |2 | |Chapter 2 The atmosphere | | |A simple experiment to determine the percentage of oxygen in air
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countries‚ Athens and Troy‚ produce two goods‚ ships and food‚ according to the following production functions: 1 ship = 4 capital + 2 labor 1 food = 1 capital + 3 labor. Athens has 200 units of capital and 100 units of labor available to produce ships and food. Troy has 100 units of capital and 150 units of labor available to produce ships and food. 1. 2. 3. 4. 5. Which good is capital intensive in production? Which good is labor intensive in production? In which country is capital
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Homework #2 – Solutions 1. Union A wants to represent workers in a firm that would hire 20‚000 workers if the wage rate is $12 and would hire 10‚000 workers if the wage rate is $15. Union B wants to represent workers in a firm that would hire 30‚000 workers if the wage is $20 and would hire 33‚000 workers if the wage is $15. Which union is likely to organize? The union will be more likely to attract the workers’ support when the elasticity of labor demand (in absolute value) is small. The elasticity
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services in the form of building maintenance‚ cleaning‚ etc. If the college did not want the goods or services then we will have to pay the tuition fees in terms of money so the college can exchange it with whatever it has get which money can get it. 2. How is “money” defined‚ both conceptually and in practice? Does the U.S. money supply consist of commodity money‚ full-bodied paper money‚ or fiat money? Answer) Conceptually Money is defined as medium of exchange in goods and services. In practice
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products has reduced the expected sales of your new product to $3 million. If it would cost $1 million to finish development and make the product‚ should you go ahead and do so? What is the most that you should pay to complete the development? Chapter 2 Homework 4. An economy consists of three workers: Larry‚ Moe‚ and Curly. Each works 10 hours a day and can produce two services: mowing lawns and washing cars. In an hour‚ Larry can either mow one lawn or wash one car; Moe can either mow one lawn
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assignments (Individual or Group Projects) will be due by Monday and late submissions will be assigned a late penalty in accordance with the late penalty policy found in the syllabus. NOTE: All submission posting times are based on midnight Central Time. Scheduling is essential to a project’s success. Forming a network activity with a visual depiction helps the team understand the relationships of tasks in a project. Two of the most common charts used in project management are the Gantt and PERT
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the consumer’s income is $50. In addition‚ suppose the consumer’s budget constraint illustrates hot wings on the horizontal axis and beer on the vertical axis. 2.Refer to Scenario 3-1. If the price of beer doubles to $2‚ then the a. budget constraint intersects the vertical axis at 25 beers. b. slope of the budget constraint rises to -2. c. slope of the budget constraint falls to -4. d. budget constraint shifts inward in a parallel fashion. 3. Refer to Table 3-1 below. You have an extra
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