Oakwood University Managerial Economics W1 Technical and Application Questions

What are the differences between the microeconomic and macroeconomic perspectives on the economy? In current business publications, find examples of firms whose strategies to increase profits focus primarily on generating more revenue. Compare these cases with firms that are trying to cut costs to increase profits The demand curve is given by QD=500−5PX+0.5I+10PY−2PZQD=500−5PX+0.5I+10PY−2PZ _where_ QD=quantity demanded of good XPX=price of good XI=consumer income, in thousandsPY=price of good YPY=price of good ZQD=quantity demanded of good XPX=price of good XI=consumer income, in thousandsPY=price of good YPY=price of good Z 1. Based on the demand curve above, is _X_ a normal or an inferior good? 2. Based on the demand curve above, what is the relationship between good _X_ and good _Y_? 3. Based on the demand curve above, what is the relationship between good _X_ and good _Z_? 4. What is the equation of the demand curve if consumer incomes are $30,000, the price of good _Y_ is $10, and the price of good _Z_ is $20? 5. Graph the demand curve that you found in (d), showing intercepts and slope. 6. If the price of good _X_ is $15, what is the quantity demanded? Show this point on your demand curve. 7. Now suppose the price of good _Y_ rises to $15. Graph the new demand curve. Consider the following facts. **62** **62** Scott Kilman, “U.S. Farmers Head into Key Stretch for Harvests,” _Wall Street Journal (Online)_ , March 7, 2011. * Easing drought conditions in the Black Sea wheat belt are causing world wheat production to recover. * China is consuming nearly a quarter of the U.S. soybean crop to feed its hogs and chickens that are demanded by its expanding middle class. * Farmers have typically responded to high prices by planting more land. * The USDA predicts that U.S. farmers will increase the land used for the nation’s eight largest crops by 9.8 million acres, the biggest change in 15 years. * Possible civil war in cocoa-producing Ivory Coast increased prices to the highest levels in 32 years despite increased production last year. * Weather problems in major wheat-producing countries such as Canada and Russia caused world wheat production to drop 5.5 percent.

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