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Explain who, in the United States, gains and who loses from this tariff on paper. How do you expect the prices of magazines and textbooks to change?
What is dumping? Who in the United States loses from China's dumping of glossy paper?
Explain who in the United States would gain and who might lose from dismantling trade barriers between the United States and India.
Pricier bread and cereal. Coming soon? Wheat and corn prices surged. Explain why the drought will lead to a rise in the price of bread.
Use graphs to show why the price of corn has risen and show its effect on the price of cereals.
Explain how the cancellation of orders change the market for steel. What happens to the equilibrium price of steel?
Calculate the percentage changes in the quantity demanded of plane rides and train rides.
Given the rise in the price of a plane ride, what percentage change in the price of a train ride will leave the quantity demanded of train rides unchanged?
Record U.S. corn crop, up 24%, is forecast The USDA reported. Calculate the U.S. price elasticity of supply of corn. Is this supply elastic?
Rain falls on wheat parade The price of wheat has fallen from $9 a bushel to $7. Explain the effect of the fall in the wheat price on the market for cereals.
Explain why the reduction of herds will lead to a rise in meat prices today. Draw a graph to illustrate.
Use the total revenue test to determine whether the demand for home heating oil is elastic or inelastic.
If the price of a wool sweater did not change, calculate the cross elasticity of demand for wool sweaters with respect to the price of home heating oil.
Would you recommend that Pete raise or lower his price of cookies? Explain your answer.
A survey found that when incomes increased by 10 percent. Which demand is income elastic? Which is income inelastic? Which are normal goods?
Record U.S. corn crop, up 24%, is forecast USDA reported that world corn production will be 9.9 percent. Calculate the world price elasticity of supply of corn.
Calculate the price elasticity of demand for gasoline implied by what most studies have found.
At McDonald's, no reservations are accepted; at Panorama Restaurant at the St. Louis. Why don't all restaurants use the market price to allocate their tables?
Why do you think restaurants have different reservation policies, and why might each restaurant be using an efficient allocation method?
At McDonald's, no reservations are accepted. Describe the method of allocating table resources in these three restaurants.
What is the pasta sauce makers' estimate of the cross elasticity of demand for pasta sauce with respect to the price of pasta?
By what percentage did the quantity demanded of bananas change? Is the demand for bananas elastic, unit elastic, or inelastic?
Compare the elasticity implied by data for period from September 2004 to September 2005 with that implied by most studies. What might explain the difference?
If the prices of food and haircuts remain the same, will you double your expenditure on haircuts and double your expenditure on food? Explain why or why not.
Explain how you might go about testing the parts of the statement that are positive and lay bare the normative parts.