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In which of the following cases must price always fall?
a. demand increases and supply increases
b. demand decreases and supply decreases
c. supply increases and demand remains constant
d. demand decreases and supply increases
e. both c and d
P is the price measured in a common currency used in both countries, such as the Thai Baht. Now assume that free trade occurs. The free-trade price goes to 56.36 Baht. Who exports and imports cameras and in what quantities?
Change the hypothesis to a Ho
Explain how a tariff reduction causes an increase in the equilibrium quantity of imports and a decrease in the equilibrium price.
In a management trainee program, 80 percent of the trainees are female, 20 percent male. Ninety percent of the females attended college, 78 percent of the males attended college. A management trainee is selected at random. What is the probability tha..
Which of the following is an example of implicit cost for a firm?
What is the probability
Despite ongoing debates about the appropriateness of macroeconomic policies, many macroeconomists have reached a modern consensus on several important issues.
Suppose a wage increase from $19 to $21 an hour increases the number of job applicants from 50 to 64. What is the price elasticity of labor supply?
A monopolistically competitive firm:
Economists forecast future economic conditions by studying variables that tend to fluctuate in advance of the overall economy. The most significant of these variables are known as leading indicators, and they compose the index of leading economic ind..
Draw the isoquants for coffee production. Write down a mathematical expression for the production function for coffee.
How would you use these cost and revenue estimates to determine whether a sales force increase or possibly a decrease is warranted.
A tractor costs $19,195 and will be used for 5 years, at which time its estimated salvage value will be $4,000. Maintenance costs are estimated to be $100 for the first year, increasing by $100 each year thereafter. If i=12%, calculate the equivalent..
Consider a perfectly competitive market with many homogenous exercise gyms. Exercise gyms have learned that customers tend to use the gym less often than the customer anticipated when she signed up.
Find an article (newspaper, magazine, or online) talking about any of the core issues or scarcity resources of economics. Use an article to answer the questions: What core issues or resources does the article talk about?
Neville has demand function q = .02m - 2p, where m is income and p is price. Income is $8,000 and he initially had to pay a price of $40 per bottle of claret. The price of claret rose to $80. The substitution effect of the price change is?
If the table represents the demand faced by a monopoly firm, then Illustrate what is which firm's marginal revenue as it increases output from 1300 units to 2200 units? Elucidate how all work.
According to an old myth, Native Americans sold the island of Manhattan about 400 years ago for $24. If they had invested this money at 7% interest per year, how much would they have today?
Explain how will this trade affect incomes of capital owners and workers in wool industry in Australia. Apply your knowledge of an appropriate framework to illustrate this.
Assume that inflation is currently 4% but the Fed’s inflation target is 2%.
q.a company designs websites for clients. much of the work is done in-house but it finds that it must subcontract i.e.
What is the cost-effective pollution level for each plant if total pollution must equal 100? Suppose the city government knows marginal reduction costs at the two plants. In this case, could the city obtain cost-effective pollution reduction using a ..
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