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Suppose that the current price of oil is $60 per barrel and the quantity sold is 90 million barrels per day. The current estimates of the price elasticity of supply and demand are η=1 and ε=-.2 respectively.
Compute linear equations for the supply and demand.
What will be the effects on the market price and quantity if the U.S. government suddenly decides to purchase an additional 2 million barrels of oil? Assume that the addition consumption of oil by the government results in a parallel shift of the supply curve to the left by 2 million barrels per day.
Assume that wages and prices are sticky and that we start at a long-run equilibrium. Assume that at this initial point, the growth rate of the money supply is 6%, the growth rate of the velocity of money is 2% and that the real economic growth rate i..
Which of the following is a characteristic of the oligopoly model?
Capital mobility is fairly low, so the Fe curve is less shallowly sloped than the LM curve. The currency floats. What will happen if the country pursues than the LM curve. The currency floats. What will happen if the country pursues an expansionary f..
Calculate the profit maximizing cost per unit if COST MART has an average wholesale cost of $350 as well as incurs marginal selling cost of $100 per unit
A common news story in any jurisdiction with single payer health care systems - for example, in Canada their socialized system does not allow private health care alternatives - is the battle that pits the government health system's refusal to pay for..
Select an economic problem or theory and discuss how dummy variables could be applied. Determine the value that dummy variables would add to your analysis (think outside the box on this one – avoid obvious examples like gender, race, etc.).
What are social, political, and legal structures and hierarchies of Taiwan that are relevant to market expansion of Home defibrillators? How do they compare to those of the United States?
Provide an example for each about decision-making, interaction and workings of economy. Explain how that influences marginal benefits and marginal costs associated with decision to purchase a house.
Which of the following are valid arguments for tariff protection?
Discuss the pros and cons of the two “advanced” forms of estimating energy demand. What do they excel at and where are they lacking? How might policy changes be built into the models? Discuss the cost features of renewable energies in the supply elec..
Consider a typical short-run AS/AD model which consists of AD and SRAS curves. In each of the following cases, in the short run, determine whether the events cause a shift of a curve or a movement along a curve. Determine which curve is involved and ..
Explain what Bounded Rationality is. Then discuss how this concept can affect the decision situation in SLP 1 - Also discuss how this concept can affect the data analysis in Case 1.
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