Suppose Hugh can produce either four short stories per week or eight gallons of orange juice and
Question:
Suppose Hugh can produce either four short stories per week or eight gallons of orange juice and Liz can produce either four short stories per week or four gallons of orange juice. At this time Hugh is producing four gallons of orange juice and two short stories per week and Liz is producing two short stories and two gallons or orange juice. What should Hugh specialize in and what should Liz specialize in?
Who are the four market participants and what are their goals?
Provide an example of what would cause:
Rightward shift of the demand
Leftward shift of the demand
Rightward shift of the supply
Leftward shift of the supply
A decrease in the quantity demanded
An increase in the quantity supplied
Draw graphically what would happen in the car industry if:
U.S Economy falls into a recession
Auto workers strike
Imported cars become more expensive
The price of gas increases
Managing in a Global Economy Demystifying International Macroeconomics
ISBN: 978-1285055428
2nd edition
Authors: John E. Marthinsen