Beer and pizza are complements because they are often enjoyed together. When the price of beer rises, what happens to the supply, demand, quantity supplied, quantity demanded, and price in the market for pizza?
This is an exam, need it in 2 hours!!!
(15%) Beer and pizza are complements because they are often enjoyed together. When the price of beer rises, what happens to the supply, demand, quantity supplied, quantity demanded, and price in the market for pizza?
(15%) Explain why the following might be true: A drought around the world raises the total revenue that farmers receive from the sale of grain, but a drought only in Kansas reduces the total revenue that Kansas farmers receive. Use the concept of elasticity.
(15%) Recall that money serves three functions in the economy. What are those functions? How does inflation affect the ability of money to serve each of these functions?
(15%) For each of the following characteristics, say whether it describes a perfectly competitive firm, a monopolistically competitive firm, both, or neither.
sells a product differentiated from that of its competitors
has marginal revenue less than price
earns economic profit in the long run
produces at the minimum of average total cost in the long run
equates marginal revenue and marginal cost
charges a price above marginal cost
(10%) Would each of the following groups be happy or unhappy if the U.S. dollar appreciated? Explain.
Dutch pension funds holding U.S. government bonds
U.S. manufacturing industries
Australian tourists planning a trip to the United States
an American firm trying to purchase property overseas.
(15%) What were the main stages of integration that occurred in the European Community after the passage of the Treaty of Rome? Explain.
(15%) Three students have each saved 1,000€ . Each has an investment opportunity in which he or she can invest up to 2000€ . Here are the rates of return on the students’ investment projects:
Laura 5%
Sara 8%
Mario 20%
If borrowing and lending is prohibited, so each student uses only personal saving to finance his or her own investment project, how much will each student have a year later when the project pays its return?
Now suppose their school opens up a market for loanable funds in which students can borrow and lend among themselves at an interest rate r . What would determine whether a student would choose to be a borrower or lender in this market?
Among these three students, what would be the quantity of loanable funds supplied and quantity demanded at an interest rate of 7%? At 10%?
Requirements: all questions answered
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