Please answer the given Economics questions 1 through 9.
Question 1. Explain how supply and demand are used to determine market equilibrium.
Question 2. You have been charged with forecasting next year’s production run of cell phones for your company, a cell phone manufacturer. Give an example of supply and one of demand that would affect this forecast.
Question 3. Give an example for each of the following: how price elasticity affects an individual’s purchasing decision and a firm’s pricing decision.
Question 4. What are the differences among variable, fixed, marginal and total costs of production? Why is it important for a manager to know the difference? How is this information used?
Question 5. Utilize a real-world example to explain the law of diminishing marginal productivity.
Question 6. Compare and contrast the major market structures and their characteristics. Give an example of a corporation which aligns with each type of market structure and state why it aligns with its assigned structure.
Question 7. Give a real world example of how global competition affects a firm’s strategies for maximizing profits.
Question 8. You have been appointed head economist for the U.S. government. What advice would you give the president on the economy? (Examples: market structures, taxes, rental rate ceilings)
Question 9. How do you feel the outcome of the election will affect the economy? Give two scenarios: one if McCain had won; the other since Obama has won. Address three points for each.