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- What is the most important part of economic analysis, and why? Supply and demandCostProfitsFirm organizationMarket organization; and/orPrice determinationUse a supply-and-demand diagram of a competitivemarket to illustrate the qualitative effects of the following possible shocks in the Italian market for red wine.a. A new research study shows that red winehelps prevent heart disease, stave off aging, and reduce age-related memory decline.b. Trade barriers that restricted imports of red wine from countries outside the European Union are eliminated.c. A recession in Italy causes a decline in per capita income.d. Genetically engineered wine grapes are created that allow for greater red wine production without increasing cost.1- You own a hamburger franchise and are planning to shut down operations for the day, but you are left with 12 buns, 18 defrosted beef patties, and 14 opened cheese slices. Rather than throw them out, you decide to use them to make burgers that you will sell at a discount. Plain burgers each require 1 beef patty and 1 bun, double cheeseburgers each require 2 beef patties, 1 bun, and 2 slices of cheese, while regular cheeseburgers each require 1 beef patty, 1 bun, and 1 slice of cheese. How many of each should you make? plain burgers double cheeseburgers regular cheeseburgers 2- The Enormous State University History Department offers three courses—Ancient, Medieval, and Modern History—and the chairperson is trying to decide how many sections of each to offer this semester. The department is allowed to offer 48 sections total, there are 5,400 students who would like to take a course, and there are 65 professors to teach them. Sections of Ancient History have 100 students each,…
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