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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.
Why was the price of almonds expected to rise or fall? Did a change in the supply of or demand for almonds bring about this expected change in the price?
If the price of almonds changed as a result of a change in the supply of almonds, is the demand for almonds elastic or inelastic? Explain your answer.
What effect has private ownership had on efficiency of the timber industry?
How does a Dutch flower auction influence consumer surplus and producer surplus? Are the flower auctions at the Bloemenveiling efficient?
In a Dutch auction, the auctioneer announces the highest price. What method is used to allocate flowers at the Bloemenveiling?
If all water in California is sold for the market equilibrium price, would the allocation of water be more efficient? Why or why not?
How would the price of agricultural produce, the quantity of produce grown, consumer surplus, and producer surplus change?
What is this method of allocation of water resources? Is this allocation of water efficient? Is this use of scarce water fair? Why or why not?
Under what conditions would the $1,000 fare be an example of the market price method of allocating scarce airline seats?
What method is used to allocate goods on eBay? How does an eBay auction influence consumer surplus from the good?
Who has a comparative advantage in producing caps? If Sue and Tessa specialize and trade, who will gain?
How has inexpensive broadband changed the production possibilities of video entertainment and other goods and services?
Cheap broadband's a winner Inexpensive broadband access has created a new generation. Explain how the arrival of inexpensive broadband has changed the PPF.
Defend or critique the key provisions of antitrust legislation in the United States.