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Between 2011 and 2012, the quantity of cars produced and sold decreased by 20%. During the same period, the price of cars increased by 5% and the cost of gasoline increased by 20%. We know that the cross elasticity of demand of gasoline is -0.3. Compute the price elasticity of demand for cars during this period.
The length of a Colorado brook trout is normally distributed. Illustrate what is the probability that a brook trout's length exceeds the mean.
What will happen to the number of firms, the market supply, and the price of the good as we move from the short run to the long run?
A test is conducted in eight cities to see if giving away free transit system maps will increase bus ridership. In a regression analysis, the dependent variable is the increase
If the current minimum wage is $7.50 an hour, there are 10 million workers who earn the minimum wage, and the elasticity of demand for low skilled labor is -0.2.
Illustrate what is the short-run market supply curve. Find out the short-run equilibrium cost and quantity in this industry.
Most industrial farms hire migrant workers, so the market for such workers is reasonably taken to be perfectly competitive. Suppose that all farms individually have a short-run elasticity of labor demand of 0.5. Explain why the reduction in employmen..
In the former Soviet Union, producers were paid for meeting output targets, not for selling products. Under those circumstances.
q.assume that the economy can be described by the following 3 equationsut-ut-1-0.4gyt-5 okuns lawpit-pit-1-ut-4
A cost-effective policy is always socially efficient. Enforcement costs are critical to the success of environmental program and should be included in the overall social costs of the program when evaluating different policy options
q1. elucidate the impact of each of the following upon chartered bank reserves1 the bank of canada sells government
Mrs. Smith is earning a loss and should shut down in the short run. Mrs. Smith is earning a loss but should continue to operate in the short run. Mrs. Smith is earning a profit since the price is above the average variable cost.
A U.S. government bond matures in 10 years. Its quoted price is now 96.4, which means the buyer will pay $96.40 per $100 of the bond’s face value. The bond pays 5% interest on its face value each year. If $10,000 (the face value) worth of these bonds..
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