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Consider the following hypothetical demand schedule for coffee in a given market: Price per pound ($) 6 12 18 24 30 Quantity demanded (lbs) 500 400 300 200 100 (a) Based on this demand schedule, calculate the price elasticity of demand for each price range (use the mid-point formula). (b) Explain how and why the elasticity of demand changes as we move along this demand schedule and also explain how this affects total revenue from sales in this market.
Consider the following two proposals to reform unemployment insurance. Explain the arguments for and against each reform. The insurance payment would be increased so that it replaced 100% of a worker's regular labor income for 26 weeks.
Triggers are ethnocentric responses to differences and defensive reactions to ethnocentrism. Any number of things can serve as triggers, but they generally fall into the following categories: voice, appearance, attitude, and behavior. Please describe..
If you were macroeconomic policymaker, how do you balance the short-run tradeoff between inflation rate and unemployment rate? Explain. What is the historical relationship between rates of unemployment and inflation in the U.S. economy? What are the ..
Find out the firm's total fixed cost. Find out the firm's total variable cost. Find out the firm's short run marginal cost. Find out the firms average variable cost.
What are the two arguments for government support of secondary education? What is an external benefit? If there is an external benefit in a market, will the free market equilibrium yield an optimal solution?
Consider the two good utility function: U(x,y) = y\sqrt{}x . Does this consumer believe that more-is-better for good X? Does this consumer believe that more-is-better for good Y? Does this consumer’s preferences exhibit diminishing marginal utility o..
One U.S. dollar is trading on the foreign exchange market for about 1.47 Chesterfield ales (the Chesterfield currency). Therefore, one Chesterfield ale would have purchased how many U.S. dollars?
Discover the payout ratio rounded to the nearest whole percent, and explicate what a payout ratio means.
If the short run marginal and average variable cost curves for a competitve firm are given by: How many units of output will it produce at a market price of 0 ? At what level of fixed cost will this firm earn zero economic profit?
When Calvin Coolidge was vice president and giving a speech about government finances, he said that: “inflation is repudiation.’’ What might he have meant by this? Do you agree? Why or why not? Does it matter whether the inflation is expected or unex..
Use economic analysis to explain why the optimal amount of product safety may be less than the amount that would totally eliminate risks of accidents and deaths. Use automobiles as an example.
Assume that the demand for oil is D (P, δ) = δ-where the variable δ is an exogenous demand shifter. The short run supply of oil is S(P) = (P-3)/2. The baseline case is δ=6. Assume that this is a free entry market. Calculate the long run equilibrium p..
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