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in 2006, Willem de Kooning's abstract painting Woman III sold for $137.5 million. Portray this sale in a demand and supply diagram and comment on the elasticity of supply. Comedian George Carlin once mused, "If a painting can be forged well enough to fool some experts, why is the original so valuable?"
ention each account affected and the appropriate amount. Also, assuming your bank lends out money to the extent allowed by law, how much will the money supply grow beyond the initial $100,000 deposit?
What is the group preference and what is the group choice according to the Borda count rule? Please justify your answers.
EconS 323 Problem Set 7'4, Questions on Hedonic Wage Theory and Employee Benefits, Risk and earnings, Teacher Quality and Compensating Wage Differentials
How does your selected religious group differ from other religious groups (such as in their beliefs, worship practices, or values)? What has been the experience of your selected religious group with others that do not share its beliefs or pr..
According to the rule for optimal input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company.
Why does taxing a product lead to deadweight loss? Use an appropriate graph to explain why the deadweight loss is greater the more elastic the demand for a product.
Describe the roles of financial institutions in the global economy and discuss how the financial services industry is likely to change over next decade.
What is the underground economy? What is the impact on the underground economy of instituting a tax on a certain productive activity?
Calculate the elasticity of demand for good X with respect to advertising on good X. Interpret your answer. Can you tell whether the firm is spending too much or too little on advertising?
Becky really likes Macaroni Grill but can only afford to eat out 4 times a year.So calculate for restaurants the income elasticity of demand?
Why does an initial $400 billion annual decrease in consumption spending make income fall by more than $400 billion per year. Explain why an initial change in planned aggregate expenditure results in a much larger change in equlibrium income.
Describe the market equilibrating process and compare the demand for food with demand for Starbuck's coffee. Include academic research to support your ideas.
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