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Q. Given your answer in part b, if PX would increases by 10%, by what percentage would sales decrease? What impact would this price increase have on total revenues from good X?
Given that PY = $1.300, ceteris paribus, calculate the cross price elasticity of demand for product X with respect to the price of product Y.
Given your answer in part d, how could we classify product X and product Y?
Assume that PY increases by 15%, what percentage effect on quantity demanded of product X could be expected?
Among different market structures, which one do you believe provides the highest possible return for a new company as well as why.
If she neither borrows nor lends, which project has the higher present value at the interest rate 50%. Which has the higher present value at an interest rate of 5%.
Using the calculations from part a, and the methods described in class, calculate a 99% confidence interval for the population mean forecast, where the population 3 would consist of all economists.
Why the short-run demand for gasoline is less elastic than the long-run demand, when the price of gasoline rises, people immediately cut back on unnecessary trips.
Imagine you are a manager for the good or service used above. From the results of the regression equation, suggest strategies to either maintain demand.
Merit goods have received considerable attention. Can concerts and other publicly provided services be rationalized using these ideas.
Has the United States become more or less economically free during the past decade? What impact will this have on the future economic growth of the United States.
The effectiveness of different kinds of incentive systems: moral, material, and coercive.
What would the annual percentage change in velocity have to be on average for the quantity theory to hold.
Do you think the net effects of trade blocs are good or bad for world trade? Why? How do the efforts of the WTO relate to these trade blocs.
If you match up pairs of buyers and sellers so as to maximize the total surplus of all transactions, what is the largest total surplus that can be achieved.
If today's production of capital goods exceeds the depreciation of capital.
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