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US imports oil at the world price, $55 per barrel. The domestic supply curve in barrels per day is S = 2500000 + 250000P with P in dollars. Domestic demand curve is D = 70,000,000 - 500000P. Draw the US demand and supply curves for oil and indicate how much is imported in barrels of oil and its value per year.
Consider a closed economy which can be characterized by the following equations: C = 400 + 0.8YD I = 600 + 0.1y- 1000r G = 300 T = 125 (M/P)d = 0.2Y-6000r (M/P)= 400 a. Solve for the goods market equilibrium and state the equation for the AD and IScu..
Suppose that John takes this semester only two courses, math and economics. He allocates his studying time between the two. Let M and E stand for the number grade in math and in economics, respectively. Provide a brief economic interpretation of the ..
The constant price elasticity of demand for cigarettes has been estimated to be -0.5. To reduce smoking by 50%, approximately how much tax needs to be added to a $1 pack?
q.until recently you worked as an accountant earning 30000 annually. then you inherited a piece of commercial real
The payment to resource owners has to be equal to ____ in order to keep the resources in their current use. The term price maker
Illustrate what means does it use to hedge against exchange rate risk. Using this information, illustrate what do you think would be effect of increases/decreases in dollar's exchange value on firm's profitability.
Explain why you cannot primarily rely on budgets or expenditure documents to ascertain the costs of a project. In other words, why is it inappropriate to use budgets for estimating costs?
Load the Blue Spruce Light Up Data (latest file, through 2013). Extract and specify a model that predicts Cars through the gate as a function of Price and Average Daily Temperature.
Illustrate what does a contraction Gap imply about the actual rate of unemployment relative to the natural rate
q.you are given the following information about an economy c 0.80di i 200 g 500 x-im -30 t 14y.1. find equilibrium
Explain how does the price elasticity for flu vaccinations change in times when flu is more prevalent versus times when flu is less prevalen.
Compare and Contrast the features of the retirement plans offered by Creative Games and United Manufacturing. Which plan do you think is more desirable? Why?
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