PROBLEM SET 1 Name: ______________________________________________ Problem Set 1 is to be completed by 11:59 p.m. (ET) on Monday of Module/Week 2. 1. Based on the information provided for the market for video games‚ answer the following questions. PRICE Q DEMANDED Q SUPPLIED $50 5 9 $45 7 7 $40 9 5 $35 11 3 $30 13 1 a.) Draw and properly label the demand and supply graphs (this means you must label the axes and any lines you include on the graph). b.) What is the equilibrium
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Macroeconomics is the branch of economics that deals with which of the following topics? A) The behavior of individual consumers B) Unemployment and interest rates C) The behavior of individual firms and investors D) B and C E) A and C Answer: B I-2 2) Which of the following is a normative statement? A) The taxes paid by the poor should be reduced in order to improve the income distribution in the U.S. B) State governments should not subsidize corporations by training welfare recipients. C) Presidential
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Global Economic Environment Group Presentation Written Report (Group 1) Christy Lai Kei Kwan 12119785D 30th September 2013 Question 1 (a) How has Apple capitalized on the globalization of production? What advantages does manufacturing in China offer the company? ANS: Globalization has been a heat topic in these past years. Many international companies will use this advantage for their own production‚ and Apple is definitely one of the significant examples. Below shown are the ways that
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Female ( ) How old are you? 18 - 25 years ( ) 26 - 30 years ( ) 31 – 40 years ( ) Over 40 years ( ) 1) How long have you been buying from Tutti Frutti? Less than 2 weeks ( ) about a month ( ) 2 – 3 months ( ) 4 – 5 months ( ) 2) How often do you visit Tutti Frutti? Every day ( ) At least once a week ( ) Every two weeks ( ) Once a month ( ) 3) What days do you visit Tutti Frutti the most? (You may tick more
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| | | |2. (TCO B) Here is some data on the demand for marshmallows:
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clearly and concisely. 1. Suppose that a firm has fixed costs of $25 per day for renting one machine and its variable costs are as shown in the table below. Labour Output VC TC AFC AVC ATC MC 0 0 $ 0 25 ---- ---- ---- ---- 1 4 25 50 6.25 6.25 12.50 25 2 10 50 75 2.50 5.00 7.50 25 3 13 75 100 1.92 5.77 7.69 25 4 15 100 125 1.67 6.67 8.33 25 5 16 125 150 1.56 7.81 9.38 25 a. Calculate the TC‚ AFC‚ AVC‚ ATC‚ and MC‚ and complete the table with your calculations. (5 marks) b. Compared to other markets
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You Decide GM 545 Fall 2010 Mr. President‚ Monetary and fiscal policy are two ways in which governments attempt to achieve full level of employment‚ economic growth‚ and price stability. As you are aware‚ fiscal policy decisions are made by the President and Congress and demand the use of government spending and taxation to influence the economy; the monetary policies are maintained by the Federal Reserve. After careful consideration of the advice of Economic Advisers and Federal Reserve
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Running head: ANTITRUST PRACTICES AND MARKET POWER Antitrust Practices and Market Power A slight inkling of antitrust by the consumers can easily destroy a company’s reputation; bring down years of hard work and dedication. This paper highlights the case of Apple Inc. There was a recent case US vs. Apple‚ that has been on news media. “The Justice Department today released some of the comments it received regarding the ongoing Apple e-book price-fixing case‚ and many of those
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ECO 561 Economics March 12‚ 2012 Abstract The following paper discusses a business proposal on hair extensions. The proposal will include profit maximization strategy‚ how to increase revenue‚ entry into the market. The proposal will also look at product differentiation and the mix of pricing and non-pricing strategies to increase revenue as well as pricing and non-pricing strategies for hair extensions under the current business cycle in the United
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Melissa Bell ECN 101 Professor Grob Assignment 1 1-23-11 What in your view is the most important value to consider when evaluating economic problems or systems? There are a wide range of important values to be considered when evaluating economic problems within our system. The first that come to mind are the ones that will benefit the majority of working class Americans like myself such as; government assistance‚ an increase in minimum wage‚ affordable healthcare for all‚ free education
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