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1.) Suppose the price elasticity of supply for new homes is 0.25 in the short run and 1.05 in the long run.
a. If the average home price falls from $110,000 to $90,000, what happens to the quantity of new homes supplied in the short run?
b. How does the quantity of homes supplied change in the long run
2.) The market for corn is currently in market equilibrium. Graph this situation. On your graph show what happens to the quantity of corn and the price in the market as the use of ethanol fuels becomes more widespread at the same time that a drought destroys one-third of the corn crop.
Derive the profit maximizing price and the profits at this price. What is the demand elasticity at this price? What is the total demand when the monopolist charges a price P?
If our example patron was a teenager, it's likely the power need that he expressed was a normal teenage reaction to a parent interfering in his life. In additional library visits by his choice, he might reveal himself as achievement motivated. If tha..
In some ways monitoring is easier in a partnership than a corporation, where shareholders monitor directors. In what ways is monitoring easier? In what ways is it not?
The Aggregate Demand for goods and services in an economy must at every moment equal the value of Real Gross Domestic Product because both are defined to be the sum of (C+I+G+X-IM).
Minimum wage legislation requires most firms to pay workers no less than the legislated minimum wage per hour. Using marginal productivity theory, explain how a change in minimum wage affects the employment of unskilled labor?
Write an introduction that states the purpose of the document; the name of the fictitious company, its location, and its import strategy; and a summary of the subjects that will be covered in the plan.
Analyze the makeup and policies of the European Union and determine if all countries have benefited from their membership (larger vs. smaller countries)
What is the level of equilibrium income in the economy and what is the value of the marginal propensity to expend?
Indifference theory can explain all rational choices and behavior and try the theoryout on this situation. Suppose the only consideration for couples to have a bby or not was money. If a baby costs $8,000 a year.
Explain duopoly and monopoly market structures, and identify the key factors that distinguish them.
What are the losses to U.S. consumers, gains to U.S. producers, and deadweight loss and what quota level would have the equivalent effect on price as the $6 tariff
Profit maximization in perfectly competitive and monopoly markets requires setting MR = MC - in monopoly markets, firm and market demand curves always have identical slope.
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