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If both supply curves and demand curves are more elastic in long run. How does the incidence of a tax change from the short run to the long run as a result?
In a properly labelled demand/supply diagram, illustrate the impact of this seller tax on the doughnut market. What is the amount of the tax?
If someone says, You'd have to pay me to eat one more bite, what do we know about that person's marginal utility?
Adam was a university graduate with a double major in economics and art. A few years ago, Adam decided that he wanted. What do you think? Is Karl right?
What would happen if you tried to produce more and more wheat, extending your planting even to the less fertile soil?
Sketch two production possibilities curves, one for Economy A and one for Economy B. Demonstrate graphically how one economy can grow more rapidly than other.
How does a technological advance that increases the efficiency of shoe production affect the production possibilities curve between shoes and pizza?
Using the production possibilities curve between schools and prisons, explain under what conditions the politician would be able to keep her promise.
Why one nation experiences economic growth and another does not is a question that has intrigued economists since Adam Smith wrote An Inquiry into the Nature.
Which of the events in this scenario occur in the factor market? Which of the events in this scenario occur in the product market?
Using the law of demand, what do you think is true of land prices in downtown Toronto relative to those in rural Alberta?
What would be the effects of each of following on demand for hamburger in Swift Current, Saskatchewan. In each case, identify responsible determinant of demand.
Analyze what would be the effect of each of the following on the demand for Chevrolets in Canada? In each case, identify the responsible determinant of demand.
Draw the demand curves for the following goods. If the price of the first good listed rises, what will happen to the demand for the second good, and why?
Discuss what would be the effect on the demand for ice cream? What would be the effect on the demand for frozen yogurt?
Discuss what would have to happen to the market price of wheat for Felix to have the incentive to produce from the second field?
If the price of corn increased, what would be the effect on the supply of corn and the supply of wheat?
Discuss what would be the effect of each of the following on the supply of ketchup in Canada? In each case, identify the responsible determinant of supply.
What would be the effects of each of the following on the supply of coffee worldwide? In each case, identify the responsible determinant of supply.
What would be the effect of each of the following on the supply of automobiles in Canada? In each case, identify the responsible determinant of supply.
If the price of sugar increased, what would be the effect on the supply of sugar and the supply of molasses?
If a price is below the equilibrium price, explain the forces that bring the market back to the equilibrium price and quantity.
Can you explain why? Can you predict how NAFTA might alter the goods and services produced in the participating countries?
what happens to their absolute and comparative advantages if country A suddenly becomes three time more productive at producing both X and Y than it was before?
If Freeland and Braveburg specialize according to comparative advantage, which directions will goods flow in trade?