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Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Your usage of paint drops from 35 gallons a month to 20 gallons a month. Perform the following: 1. Compute the price elasticity of demand for paint and show calculations. Decide whether the demand for paint is elastic, unitary elastic, or inelastic.
identify an example illustrating the effect on the demand for hybrid gasoline-electric vehicles such as the Toyota Prius. Then do the same for each of the determinants of supply in Equation. In each instance, would equilibrium market price increas..
Assume Madison has sixteen hours in the day for work or leisure. She earns $5 an hour and receives $15 each day in non-labor income.
Briefly outline the current state of U.S. policy toward sugar imports and perform an economic cost benefit analysis to evaluate the welfare effects of eliminating import quotas and tariffs.
How much is equilibrium level of income or output if Fed decides to set the rate of interest at 10 percent (r=0.10).
Find an article from the media (internet, newspapers, magazines, etc.) on a current event that addresses an economic concept (e.g., consumption, saving, investment, real GDP, marginal propensity to consume, income multiplier, etc.). Write a one t..
Rising jet fuel cost recently led most major U.S. airlines to raise fares by approximately 15 percent. Explain how this substantial increase in airfares would affect the following:
Determine how can federal government spending crowd out private sector investment and consumption and does the exent of crowding out depend on whether or not government spending is financed by taxes.
Since 1990, energy use per person has either remained fairly stagnant or has increased in different nations and regions of the world. Match the nation or region with the trend in energy use per person since about 1990. Column preview China. increa..
Why does the assumption of independence of risks matter in the examples of insurance What would happen to premiums if the probabilities of houses burning were positively correlated Can you think of a situation where they might be negatively corr..
Suppose prices are determined as a simple mark-up over expected wages: p-w^e=a0-a1U Assume further that wages are a simple mark-up over expected prices: w-p^e=B0-B1U Use the equations above to show that when prices are different from price expectat..
If velocity is unchanged and the money supply grows by 13% and the real GDP grows by 4%, what is the rate of inflation?
Describe the economic situations when your position can be successfully implemented and when it may be doomed to failure.
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