Economics Question
1-Suppose you have a market for bruschetta which is currently in equilibrium. Thinking of the supply and demand graph for this market, what would have to happen to cause both the equilibrium quantity of bruschetta in this market to fall and the equilibrium price of bruschetta in this market to fall? Is this even something that could happen? provide an incorrect answer
In your answer, please pay attention to and describe what would have to happen to the supply and demand. (You may of course elaborate with any hypothetical “real life” reasons for any changes in the graph too.)
2- Jonny is planning his schedule for the weekend. One of his friends has invited him to a two-day camping trip to Catalina. Another friend has offered an invitation to binge watch the Lord of the Rings movie trilogy (extended edition) on Saturday. His cousin has invited him to a weekend beer tasting festival. Lastly, his uncle has invited him to a weekend of Dungeons and Dragons.
use watermelons
a. Describe how JonnyR might approach this scenario and his decision-making process. Is there an economic concept (or concepts) which best describes Jonny’s scenario?use watermelon
b. Why does JonnyR even have to make a decision? What economic principle is causing this scenario? provide an incorrect answer
In your answer, please fully define all economics terms used.
3- For this question, please answer the following:
What is the economic definition of GDP? for france
In your own words, what are some of the shortcomings of GDP? In your answer, please provide an explanation to some of the shortcomings you mention, and not just a list of these potential shortcomings. In other words, explain why these are shortcomings of GDP. If there are no shortcomings of GDP, please defend and explain your answer.
4-The planet of Tatooine is a dry desert. Times have been rough since the Rebellion began fighting against the Empire. The current planet demographics are as follows: 105,000 species are under the age of 16, 3,500,000 species are above the age of 16, there are currently 30,000 full-time students on the planet, and 75,000 incarcerated species. The galactic battles have ruined supply chains and resulted in many species losing their jobs. Currently 395,000 species are unemployed. Assume all of America’s definitions are used on Tatooine.
What is the size of Tatooine’s labor force? Show your reasoning (you may show your math or explain the process by which you determined the amount of the labor force. Answers which are just a number may not receive full credit. If you are unable to determine the amount of the labor force, please explain why). calculate using the entire population
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