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Why does scarcity imply that every society and every individual face trade-offs? In a mixed economy, does the government decide what goods and services should be produced? Briefly discuss the reasons for your answer.

What is a demand schedule? What is a demand curve?What do economists mean when they use the Latin expression ceteris paribus? What is the difference between a change in demand and a change in quantity demanded? What is the law of demand? Use the substitution effect and the income effect to explain why an increase

Whether you like to eat hamburger or roast beef, the source of the meat is a rancher who raises cattle. A news story discussed how years of drought had raised the cost to ranchers of raising cattle. At the same time, consumer tastes have been changing, leading to a decline in the demand for beef.

Giffen goods are said to violate the law of demand, aspeople consume more of those goods as their price rises. Could you provide an example of a Giffen good? How would you draw the demand curve of such a good?

Is it always possible to ascertain whether two goods are substitutes, complementary goods, or that they do not bear any relationship with each other? Briefly explain.

Are cappuccinos and croissants complementary goods? Briefly explain your reasons. For each of the following pairs of products, briefly explain the relationship between them. a. Cappuccinos and black coffees b. Cappuccinos and Swedish trucks c. Cappuccinos and cocoa powder d. Cappuccinos and orange juice

Suppose that the following table shows the quantity suppliedof UGG boots at five different prices in 2016 and 2017:

The competitive equilibrium rent for a 1-bedroom apartment in the city of Milan is currently €670 per month. Suppose that the city council decides to enact rent control and establish a price ceiling of €500 per month for 1-bedroom apartments. Briefly explain whether rent control is likely to make each of the following people better

Provide an example of a price ceiling. Why should governmentsenforce price ceilings? Why are black markets crucial for the success of government policies like price floors and price ceilings?

Suppose, once again, that Jill and Joe run businesses that are next door to each other on an isolated road, and both need a security guard. Their demand schedules for security guard services are as follows: The supply schedule for security guard services is as follows: a. Draw a graph that shows the optimal level of