A firm sells a good that is perceived by consumers as a necessity. It also has few substitutes. This good is likely to have demand that is _______ and the price elasticity of demand (in absolute value) would be _______. a. elastic, less than one b. inelastic, greater than one c. inelastic, less than one d. elastic, greater than one Assume there is a decrease in the price of a complement and a decrease in the price of a substitute in production. Which of the following statements is correct? a. The equilibrium price will definitely decrease. b. The equilibrium quantity will definitely increase. c. The equilibrium quantity will definitely decrease. d. The equilibrium price will definitely increase. When both demand and supply change simultaneously, there will be some uncertainty in the results. a. True b. False The sellers of a good have requested the government to stop the price from going below a certain amount. If the government grants the request, the price restriction will be a price ceiling. a. True b. False Assume that a store has a 20% off sale that causes an increase in quantity demanded of 25%. The price elasticity of demand is _______ (in absolute value) and the demand for the good is _______. a. 1.25, inelastic b. 1.25, elastic c. 0.80, elastic d. 0.80, inelastic

Select any five from the following contemporary strategic management issues and discuss its relevance and importance to the corporate strategic management process of the Nike company:
- Effective use of energy with moves towards electrification.
- Sustainable use of natural resources.
- Protection of the biosphere and the development of carbon neutral organizations.
- Country self-sufficiency.
- Greater energy and resource efficiency.
- Reduction and disposal of waste.
- Change of attitudes and lifestyle.
- Sustainable use of natural resources.

Case study

1. why are private so high in the united states?

2. how are commercial insurance prices set for hospital services?

3. How are Medicare prices set for physician’s services?

4. How are Medicare prices set for hospital services?

5. should governments be involved in private price negotiations?

1) How is the idea of the government spending multiplier, or multiplier effects in general, illustrated in this video?

2) What could happen to Jacksonville MSA's local economy and the Southeast region if such a major project, which was initiated in June 2014, is completed and all needed state funding is secured?

Identify any crises that happened financially and economically from Ireland and how it links within the global trade and finance communities. What is Ireland's economic impact relative to the United States? Conclude with a short debriefing of Ireland's economic impact relative to the United States. Would it have been better to not have these 'linkages'? Did the linkages convey benefits or trade/economies of scale for local manufacturers? Are the crises still affecting Ireland?

What can over-reliance on tools that look at competitive forces lead to?

The American Baker’s Association reports that annual sales of bakery goods last year rose 15 percent, driven by a 50 percent increase in the demand for bran muffins. Most of the increase was attributed to a report that diets rich in bran help prevent certain types of cancer. You are the manager of a bakery that produces and packages gourmet bran muffins, and you currently sell bran muffins in packages of three. However, as a result of this new report, a typical consumer’s inverse demand for your bran muffins is now P = 4 - 0.5Q.

If your cost of producing bran muffins is C(Q) = 1.5Q, determine the optimal number of bran muffins to sell in a single package and the optimal package price.

Instruction: Enter your response for the optimal package price rounded to two decimal places.

Optimal package size:__ units

Optimal package price: $

A price quote for equipment at Paul Engineering has been received at a cost of $100,000. The operation and maintenance costs of this equipment are estimated to be about $20,000 per year. Salvage value is expected to be $10,000 when the machine is retired. The life of this equipment is estimated to vary anywhere from 5 to 9 years with the associated probabilities as shown in the table below. If the interest rate is 10%, what is the expected EUAC for this equipment?

Life, Years	5	6	7	8	9
Probability	0.3	0.1	0.15	0.20	0.25

Discuss how the beliefs of the Mercantilists about a zero sum game were challenged by Adam Smith who argued instead about a positive sum game. (250 words)

Western observers of the planned socialist economic systems typically argued that these systems were “distorted.” What does the concept of distortion mean, and why might it be relevant to an understanding of the transition process?

PROMPT:   The  article refers to the ‘theory of competitive harm’ in which a company (like Facebook) can be charged with anticompetitive practices for buying startups ‘that might ultimately unseat them.’

Assuming that the investors in the startup were not coerced into accepting the terms of the buyout transaction and that all elements of proper corporate governance were observed, is there actually a problem with having a large company acquire a much smaller company whose business concept is attractive to the large company?

Personal consumption expenditures $295

Net exports 11

Net foreign factor income 4

Dividends 16

Transfer payments 12

Compensation of employees 273

Rents 14

Taxes on production and imports 18

Statistical discrepancy 8

Undistributed corporate profits 21

Consumption of fixed capital (depreciation) 27

Personal taxes 26

Social Security contributions 20

Corporate income taxes 19

Interest 13

Corporate profits 56

Proprietors' income 43

Government purchases 82

Personal saving 30

Net private domestic investment 33

A. Using the above data, determine the GDP by both the expenditures and the income approaches. Then determind NDP.

B. Now determine NI in two ways: first, by making the required additions or subtractions from NDP (method 1); and second, by adding up the types of income and taxes that make up NI (method 2)

C. Adjust NI (from part B) as required to obtain PI.

D. Adjust PI (from part C) as required to obtain DI.

Explain economically what caused the housing crisis and how this crisis led to the 2007-2009 recession. Critically evaluate, using economic concepts, the federal government’s response to the recession. What changes in policy would you recommend for the future? Explain your recommendations using economic concepts

1. What was Reagan’s vision for the role of government? What was his vision for the economy and how did her carry this out?

Acme Steel supplies metal to two markets: 1 and 2. The market demand is the same in both markets. Specifically, the demand function in market 1 is p₁ = 10 – q₁, and in market 2 the demand function is p₂ = 10 – q₂ . In market 1, Acme Steel (hereafter called A) is a monopolist, whereas in market 2 there is another firm (call it B). Thus, in market 2, p₂ = 10 – q_2A – q_2B , where q_2A + q_2B = q₂ ; q_2A and q_2B are quantities supplied in market 2 by A and B respectively. Assume each firm's marginal cost of production is 0.5. There is no fixed cost.

1. If the two firms play a Cournot game in market 2, how much will A supply in each market and how much will B supply to market 2? What is the price in each market?