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In the spring and summer of 2010 a record number 30 million Sockeye salmon spawned up the Fraser River. In 2009 there were only just over 1 million Sockeye spawning. Quite naturally the price of Sockeye fell from about $5.00 per pound to about $1 per pound.
a. Assuming that 30% of the Sockeye were caught each year, calculate the are price elasticity of Sockeye salmon, using the average price and quantity in your calculation.
b. Do you think the local fishermen were happy with such an enormous run of fish? Explain.
Find the equilibrium price and quantity algebraically. If tourists decide they do not really like T-shirts that much, which of the following might be the new demand curve.
Many states have usury laws, which place a ceiling on interest rates. Why do most economists dislike these laws - The paper's content is jumbled and is partially in second person and uses unusual wording together as if it was a machine translation..
wo companies A also B are duopolists who produce identical products. Determine the long run equilibrium output also selling price for each firm.
Assume demand for a medical service is given by the equation P = 1000-2Q. Assume the price without insurance is $100, but insurance reduces the consumer’s out-of-pocket price to $50. How many extra services will be consumed as a result of the out-of-..
You are given the following information. The current dollar-pound exchange rate is $2 per pound. A U.S basket that costs $100 would cost $120 in the United Kingdom. What is the expected U.S minus U.K. inflation differential for the coming year? What ..
Suppose Philip Morris and R.J. Reynolds can write an enforceable contract about illustrate what y will do. Illustrate what is cooperative solution to this game.
As the United States becomes wealthier, and as medical care interventions become more effective in improving health, spending more on our national wealth on medical care is good, not bad.'
A program evaluation is the systematic examination of any activity undertaken by government to make a determination about their effects, both short and long term.
Suppose the market for widgets is perfectly competitive. Furthermore, suppose the total cost curve for a typical firm in this market is TC = 128 + 3q2 where q represents the quantity of widgets sold by a single supplier. Suppose that there are 16 sel..
The U.S. economy slowed significantly in early 2008, and policy makers were extremely concerned about growth. To boost the economy, Congress passed several relief packages that combined would deliver about $700 billion in government spending. Calcula..
Suppose the Stimulus package (The American Recovery and Reinvestment ACT of 2009) for $862 (originally it amount was approved for $787 billion and subsequently increased to $862 billion) was allocated for spending in all 3 components of the AE model ..
Tom consumes positive quantities of both jam and juice. the price of jam is 5 cents per unit and the price of juice is 10 cents per unit. Her marginal utility of jam is 10 and her marginal utility of juice is 55. Without changing her total expenditur..
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