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Economists' estimates of price elasticities can differ somewhat, depending on the time period and on the markets in which the price and quantity data used in the estimates were gathered. An article in the New York Times contained the following statement from the Centers for Disease Control and Prevention: "A 10 percent increase in the price of cigarettes reduces consumption by 3 percent to 5 percent." Given this information, compute the range of the price elasticity of demand for cigarettes. Explain whether the demand for cigarettes is elastic, inelastic, or unit elastic. If cigarette manufacturers raise prices, will their revenue increase or decrease? Briefly explain. Source: Shaila Dewan, "States Look at Tobacco to Balance the Budget," New York Times, March 20, 2009.
What affect have stricter labor laws had on productivity and employment?
The 3-central coordination di fficulties any economic system must solve are, If at some value the quantity supplied exceeds the quantity demanded, then:
What is the market supply curve?
Greengenes' landlord rejoices, saying, "According to the leftover principle, you will pay me $300 more in rent." Is the landlord correct. If not, is he applying the leftover principle incorrectly, or is the principle wrong
Find the equilibrium quantity and supply in this market. What is consumer and producer surplus in this market? Using the point elasticity formula, calculate the price elasticities of demand and supply at the equilibrium point
Illustrate the above relationship between income and savings rate using a graph with income on the x-axis and total savings on the y-axis. B). Will a government policy to redistribute income to achieve less income inequality potentially help or hurt ..
the management of regional hospital has made substantial improvements in their hospital and would like to test and
How would you characterize your local congressperson? As a delegate or a trustee? Should members of Congress be subject to term limits? What are the main benefits or disadvantages to unlimited incumbency?
In our analysis of international trade, a country becomes an exporter when the price without trade is below the world price and an importer when the price without trade is above the world price. Does that conclusion hold in your answers to parts (..
Could life exist in a molecular cloud? How can astronomers peer into molecular clouds to see what is going on inside when visible light will not penetrate these regions of space? Explain.
Suppose the common fishing production function is: F(m) = 1.1 m- (0.1)(m^2), What are the total production numbers and individual returns for 2 firms andfor 12 firms?
Market Structures. Explain the most important characteristic in perfect competition, monopolistic competition, oligopoly, and monopolies and relate the characteristic to how these firms can make profits in the short run. In your analysis, make sur..
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