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Many states offer drivers an opportunity to customize their license plates for the price of a small premium paid to each state; these plates are known as vanity plates. When vanity plates were originally introduced in Texas they could be acquired for a mere price of $20 over the cost of a normal license plate. By 2005 the price jumped to $50 at this price 154,000 Texans purchased vanity plates. Shortly after Texas increased prices of vanity plates to $150 and sales fell to on 56,000 plates. Faced with the sudden decline legislators dropped the price to $80 per vanity plate.Compute the arc price elasticity of demand between $50 and $150 assuming no other factors have changed, given the calculation why did they drop the price to $80? What other factors should be considered by legislators in future pricing decisions?
If Sandwiches To Go Inc. buys all the sandwich producers and cuts production to 100 sandwiches an hour, what is the deadweight loss that is created?e. If in part d, Sandwiches To Go Inc. rations sandwiches to two per person, is this distribution of..
Assume the Following IS-LM Model E Expenditure sector Sp = C + I + G + NX C = 110 + (2/3)YD Calculate the equilibrium values of private domestic investment (I), tax revenues (TA), and real money demand (md). How much of private domestic investment (I..
We have three variables, Information is 2000-2005. I use OLS to Determine the model and get a standard result.
The agency of Labor Statistics follows 5-steps to calculate Consumer Price Index. Determine three strengths and three weaknesses of the Consumer Price Index calculation.
Suppose that a new government is elected that wants to keep out the poor. It declares that the minimum rent that can be charged is $2500 per month. If the government can enforce that price floor, will there be a surplus or a shortage Of how many u..
1. The three fundamental economic questions of what, how, and for whom: a-exist because of scarcity. b-are much more serious in a socialist system. c-are not serious in a capitalistic system. d-are not relevant in the industrialized world of today.
What is the equilibrium interest rate? d. What happens to the interest rate if the money supply increases from 20 to 30? Illustrate your answer graphically. What happens to the interest rate if nominal income increases by 10%?
Using the following national income accounting data, compute (a) GDP, (b) NDP, and (c) NI. All figures are in billions. Category Value, Compensation of employees $216.2, U.S. exports of goods and services 19.8, Consumption of fixed capital 11.8,Gover..
An individual is considering two investment projects. Project A will return a zero profit if conditions are poor, a profit of $4 if conditions are good, and a profit of $8 if conditions are excellent. Project B will return a profit of $2 if condi..
There are 20 million households in Country X and 4 million of them are below the poverty line. What is the poverty rate for Country X?
qd=1000-5p mr=200-0.4q marginal cost is constant at $20. The firm is considering quantity discount. The firs 400 units can be purchased at $120 and further units at $80. How many units will the consumer buy in total
The cost, demand and revenue functions have been determined By Delta and given below. The total amount of widgets sold in the market by all producers, including Delta's sales, is 238 units. Delta's current p..
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