2.d. Shortages and Surpluses A shortage occurs when the quantity demanded is greater than the quantity supplied. 2.d.1. According to the graph above, the market equilibrium is when the price is $10 and the quantity demanded is 3. However, at a price of $6, the quantity of pizza demanded is 4 and the quantity of pizza supplied is only 2. This means that the suppliers are willing to supply less pizza while buyers want more pizza because of the lower price. This causes a shortage of 2.
2. b. Supply (SI) Just like demand, there are factors that determine the quantity of a good or service sellers are willing to offer for sale. Price is one factor, all other things unchanged. A higher price is likely to induce a seller to offer a greater quantity of a good or service. Production cost is another determinant, as well as the number of sellers in the market. Also like demand, there are specific terms used when talking about supply and the following provides an outline along with
Explain how socio-cultural differences create problems for Walt Disney in opening parks overseas. (Points : 13) I believe that some socio cultural differences when considering opening Walt Disney parks overseas might be the exchange rate, when the price of a country pays for another countries product or services is influenced by the prevailing currency exchange. This is the value of one nation’s currency with the respect to the currency of other countries. Things to consider when opening a park
ECON ASSIGNMENT 2 Question 1: 9 points Assume that a series of inflation rates is 1 percent, 2 percent, and 4 percent, while nominal interest rates in the same three periods are 5 percent, 5 percent, and 6 percent, respectively. a. What are the ex post real interest rates in the same three periods? b. If the expected inflation rate in each period is the realized inflation rate in the previous period, what are the ex ante real interest rates in periods two and three? c. If someone makes
why mariners undertook long-distance oceanic voyages both east and west during the fifteenth and early sixteenth centuries, and compare the Chinese, Portuguese, and Spanish ventures. 2.) Evaluate what promoted, and what hindered, the novel sea voyages and their achievements during the period 1400 to 1550. 3.) Explain how, and with what results, Spain and Portugal turned the search for new sea routes into a grasp for empire in the sixteenth century. 4.) Analyze ways in which each side viewed
Lecture 1: Introduction and What is GDP? Siwei Kwok September 26, 2013 Kwok Econ 2 September 26, 2013 1 / 31 Motivation In Econ 1, you studied: Consumer and rm decisions → supply/demand curves → market equilibrium under perfect competition Government action: price ceiling, price oors Positive and negative externalities Imperfect competition: monopolies, oligopolies, cartels Note that all of the above considered, at most, a couple markets at the same time. Imagine
Fundamentals of Macroeconomics ECON 372 Principles of Macroeconomics 04/01/2014 John Ilokwu Part I The Gross Domestic Product (GDP) is the value of goods produces and services provided in one year. The Real GDP is the inflated value of goods and service in the country. The Nominal GDP is a slightly different, it is the GDP that has been evaluated at current market value. The unemployment rate is the amount of people in the country who are eligible to work but are currently unemployed. The
integrity and fairness to all. - 2 - Table of Contents Department of the Treasury Internal Revenue Service Contents Page Contents Page Introduction . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Section 1—Before You Begin . . . . . . . . . . . 4 What’s New for 2009 . . . . . . . . . . . . . . . . 4 What’s New for 2010 . . . . . . . . . . . . . . . . 4 You May Benefit From Filing Form 1040A or 1040 in 2009 . . . . . . . . . . . . 4 Section 2—Filing Requirements . . . . .
ECON545: Project 2—Macroeconomic Analysis By Shawn M. Gilliam Professor Peterson 4/17/15 Looking at the decision of Melanin Car Manufacturing Company expanding their operations to meet the increasing demand from car manufacturers to produces parts for the auto industry. After strong research in various areas to make this expansion successful I concluded that through looking into the industry in the eyes of already profitable plans along with the resources we
Econ 222 Assignment 3 Click Link Below To Buy: http://hwaid.com/shop/econ-222-assignment-3/ Econ 222 Macroeconomic Theory I Assignment #3 Question 1: The Solow growth model Consider the following production function: Y (t ) = F (K (t ),A(t )N (t )), (1) where Y (t ) denotes output, K (t ) denotes total capital input, A(t ) denotes “knowledge”, and N (t ) denotes total labour input. F (•, •) is the aggregate production function. Note that A(t )N (t ) is commonly referred as