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When the demand for a good is price-elastic at a given output level: (a) total revenue is negative, (b) total revenue for the good will increase if its price decreases. (b) an increase in rice will lead to an increase in total revenue for firms selling the good. (d) a large change in price will result in a relatively small change in the quantity demanded.
The traditional U.S. auto industry (the Big Three) has struggled for many years against competition from foreign-owned automobile companies. Their struggle was dramatically heightened in 2008 with the world-wide credit crunch and economic slowdown. W..
ohn also Jeremy are utilitarian's. John believes to labor supply is highly elastic while Jeremy believes to labor supply is quite inelastic.
US national health expenditure was $7,026 per person in 2006 and $4,790 in 2000. The Consumer Price Index had a value of 201.6 in 2006 and a value of 172.2 in 2000. Adjusted for inflation, how much was spending in 2000? Why has the share of healthcar..
What do you believe is the proper balance between the free market and government regulation of industry? And why?
What is the Keynesian solution to a recession or depression? How does the Keynesian multiplier work? What kind of policies were/are proposed to help get us out of this recession?
if people never withdraw cash from banks, what how much money could the banking system potentially create.
Demand Pull Inflation: Suppose that the central bank wants to increase output, but the economy is already at the natural rate. Show the short and long run effects of a monetary expansion in this situation in the AD/AS model. You can omit the labor ma..
A nation will gain from trade if it:
A firm has demand function Q=10 -P. The firm has constant long run average costs of production equal to $4. The firm must sell each unt of output for the same price per unit, and the firm must produce and sell an integer amout of output. Calculate pr..
Suppose that a consumer's preference between the good x and y are represented by the utility function u(x,y)= x+y. If these two goods have the same price, describe the optimal consumption choices of this consumer.
If the margin is greater than the average, what can we say about average and margin? Diminishing marginal returns to labor. What is the general relationship between AVC, ATC, and MC?
Explain why would elasticity of demand be important to you in determining the products on which the taxes should be leived.
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