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Explain. A Congressman asserts the following argument: we need to produce more oil here in the United States. We consume 20 about million barrels of oil per day. If we promoted oil drilling in the United States, we could easily increase our domestic supply by 1 million barrels per day. This is about 5% of our consumption. The elasticity of demand is about -0.1, so 5% more supply means the price would drop by as much as 50%. This would be a great benefit to US consumers.
There are economies of scale in ranching, especially with regard to fencing land. Suppose that barbed-wire fencing costs $10,000 per mile to set up. How much would it cost to fence a single property whose area is one square mile if that property a..
Explain how much control might an organization have over pricing based on a product's elasticity
The average price/gallon of gass in July over the past 4 years was $2.74, $3.65, $3.45, and $3.63. Use linear regression to predict the price of gas the following year? How would I set up this problem? Do I use years as my x variable?
Making dresses is a labour-intensive process. Indeed, the production function of a dress-making firm is well described by the equation Q = L - L 2 /800, where Q denotes the number of dresses per week and L is the number of labour-hours per week.
Utilizing both offer curves and a two by two payoff matrix, determine the optimal foreign economic policy of a hegemon.
Assume the Fed's Beige Book reported that in South Florida, bookings for the summer tourist season were off to a slower start than last year
An $85 billion sequester (called automatic federal government spending cut) that went into effect on March 1, 2013. This was an across-the-board spending cut in federal government's various existing programs and services, including maintenance of ..
the marketplace in which it operates the role of government regulations of company and any issues or opportunities that the Home Depot faces.
At a product price of $56, will this company produce in the short run? If it is preferable to manufacture, what will be the profit-maximizing or loss-minimizing output?
Find the Present Value of each of the two following sets of cash flow events and what is the total interest chargeable in each mortgage?
Earlier this year the Federal Government USA approved the merger between Sirius and XM satellite radio companies. What, if any, shortcomings arise from a monopoly pricing strategy (efficiency and consumer surplus)?
How does an economy achieve macroeconomic equilibrium? What affect does a high level of inflation have on macroeconomic equilibrium?
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