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In comparing two otherwise identical industries X and Y, an economist finds that labor demand is more elastic in industry X. Which of the following would support this finding?
U.S. real gross domestic product increased from $10 trillion in 2000 to $15 trillion in 2010. During that same decade the share of manufactured goods (e.g., cars, appliances) fell from 16 percent to 1
Briefly explain how each of the following changes the money supply.a. the central bank buys bonds b. the central bank raises the discount rate
Give two example of a negative externality and two examples of a positive externality Explain why market outcomes are inefficient in the presence of externalities.
What is the optimal level of production of wine decanters and what is the marginal revenue from the last wine decanter sold and what are the total revenue, total cost, and net benefit (profit) from se
Amos Excavating Inc. is purchasing a bulldozer. The equipment has a price of $100,000. The manufacturer has offered a payment plan that would allow Amos to make 10 equal annual payments of $15,582, wi
Define carefully what is meant by a demand schedule or curve. State the law of downward-sloping demand. Illustrate the law of downward-sloping demand with two cases from your own experience.
Suppose the total benefit derived from a given decision, Q, is B(Q) = 25Q - Q^2 and the corresponding total cost is C(Q) = 5 + Q^2, so that MB(Q) = 25 -2Q and MC(Q) = 2Q.
Because of a recession, the inflation rate expected for the coming year is only 3%. However, the inflation rate in Year 2 and thereafter is expected to be constant at some level above 3%.
Assume that the real risk-free rate, r*, is 4% and that inflation is expected to be 8% in Year 1, 6% in Year 2, and 4% thereafter. Assume also that all Treasury securities are highly liquid and free o
One assumptions made in developing international feature effect is that all investors inall countries require the same real return.what does this?
Suppose the supply function is Q=4P^2 and equilibrium quantity=36.What is the price elasticity of supply? What are the steps to find this?
If the price of one of the bundles of good rises, what information is needed to calculate the impact on demand for each of the bundles of goods?
What are the problems faced in determining the demand for a durable good? Illustrate with example of demand for households refrigerator or television set.
If the fed does not respond to this event what will happen to the price level?
After economics class one day, your friend suggests that taxing food would be a good way to raise revenue because the demand for food is quite inelastic.
Economists have observed that spending on restaurant meals declines more during economic downturns than does spending on food to be eaten at home. How might the concept of elasticity help to explain t
You worked for extra pay on a holiday and therefore missed out on your neighbors’ barbeque. People face trade-offs. You had to miss the barbeque to get something else that we liked.
Pricing and price competition account for the number one problem facing many marketing executives. What are some of the frequent problems that companies encounter?
Graph the firm’s long-run average cost and show that it reaches a minimum where q =1. Determine the long-run equilibrium price (p*) and the firm’s long-run equilibrium output (q*).
In long-run equilibrium, most firms (the ones that remain from the original 298) will earn the normal % rate of return.
Frank Gunter owns an apple orchard. He employs 40 apple pickers and pays them $7 per hour to pick apples, which he sells for $3.50 per box. If Frank is maximizing profits
What’s the role of price in allocating the resources? Give logical examples for explanation. Draw graphs where necessary.
1.which barrier is the most restrictive to importers ? which barrier is the most restrictive to exporters ?