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1. Fill in the blanks most appropriately: In class we discussed the claim by Amazon that demand in the ebook market is elastic for a price decrease from $14.99 to? $9.99 per ebook. If this is true, RAISING ebook prices will _____________ ebook revenue for authors. Compared to the elasticity of demand for ebooks, demand for all formats of a specific book will likely be ________ elastic.
A. decrease ; more
B. not change ; more
C. decrease ; less
D. increase ; less
E. increase ; more
F. not change ; less
2. Jim and Ed both raise cattle. The property line separating their adjacent farms runs through a long narrow meadow. Its exact location is unknown and can't be determined. Each farmer must choose independently how many cattle to graze in the meadow. Each has only two? choices, "a lot", or "few". If both graze a lot of cattle, each earns $4,000. If one grazes a lot of cattle, and the other grazes only a few, the one who grazes a lot earns $10,000 and the one who grazes a few earns $1,000. If both farmers graze a few cattle, each earns $6,000. In equilibrium, the total combined profits to Jim and Ed are:
A. $6,000
B. $8,000
C. $11,000
D. $12,000
E. $20,000
Dispute Resolution Process- In this essay, you will describe the ADR process. Choose two ADR methods and explain how they work and why the methods might be an excellent alternative to the traditional court process.
Explain how difficulty will it be for the owner to plan for this new competitive threat.
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All of the following are instruments of fiscal policy except
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q.what would be the production possibility frontiers for brazil and the united states?without trade the united states
A manufacturing plant purchases equipment for 5100,000 which it intends to sell after 10 years for $20,000 salvage. The maintenance costs are estimated to be $2,000 the first year and increase by $500 each year thereafter. Using a nominal rate of 7%,..
The production possibilities frontier represents what?
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Now suppose the economy is experiencing an unacceptably high inflation rate and the government wants to cool down the economy. It uses monetary policy for that purpose. Show how the use of monetary policy can correct this problem of overheating.
In the early 1880’s cigarette-rolling machinery became available. Prior to this all rolling was done by hand. The machines dramatically cut the cost of rolling cigarettes. But they were not fully automatic—they needed the permanent presence of an ope..
Define asymmetric information. Distinguish between hidden characteristics and hidden actions. Which type of asymmetric information contributes to the principal-agent problem?
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