Questions are below. 150 words minimum.There are various forms of unemployment. There are also ongoing debates on the effectiveness of measuring the rate of unemployment and its policy implications.W
September 3, 2020
You may be familiar with stories (even from your own experience) of employees who choose to denigrate or subtly sabotage their fellow employees
September 3, 2020

We are working on supply and demand in my economics class. I need to explain in writing using economic terms what is happening in the market and then provide graphical analysis of market activity for the scenarios below. I also need to write the new strategic plan for the firm. I am confused where to even start!!

Firm 1: Auto repair shop

Dear Economist,

Scenario 1: When we first set-up shop in our town, we had so many customers, cars were lined-up down the street. Lately, however, my workers have been complaining that there is not enough work to do. I am confused since our prices have not changed. When we opened, our prices were so low, we were overbooked and had to turn customers away!

Scenario 2: We were working as quickly as we could when several new neighborhoods were built, and a new highway was constructed through town. Our customer base grew but I refused to raise prices! After some time, another auto shop opened in town and they matched our prices. Then additional auto shops opened and began to compete and lower prices. I thought we offered great service at a fair price and refused to change. After all, we are the best!

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