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Please round calculations to two decimal places.
a. Calculate the total change in spending given the information below. Marginal Propensity to Consume = .73 Decrease in Spending = $497 M
b. Please illustrate assuming the economy was operating at full employment prior to the change in part a. Does a GDP gap exist? If so, what type?
New source bias may exist for mobile sources. Briefly discuss why this bias leads to a solution that is not cost-effective. What policies would you implement to eliminate this bias?
Sales are 3,100 at a price of $200 and 2,400 at a price of $300. Calculate the price of elasticities of demand using $200 as the base value; then use $300 as the base value. Calculate the arc price elasticity and compare the three calculations. How d..
The zinc also copper monopolists every set a price, believing that the other monopolist will not change its price. Conclude the equilibrium price of brass.
Explain why the standard deviation would likely not be reliable measure of variability for a distribution of the data that includes at least one extreme outlier
Arrange the phases of decision making into the ideal order in which they should proceed: Identifying and diagnosing the problem- Evaluating the decision, Generating alternative solutions, Evaluating alternatives. Match decision making process with ea..
An end-of-aisle price promotion changes the price elasticity of a good from -2 to -3. If the normal price is 10, what should the promotional price be?
Explain the effect of the following changes on the quantity demanded of health insurance.
Explain how income distribution is measured and discuss its effects. How income distribution is measured using a Gini coefficient? Is a less equal distribution of income good or bad for a country’s economic growth?
When the price of bubble gum is $0.50, the quantity demanded is 400 packs per day. When the price falls to $0.40, the quantity demanded increases to 600. Given this information and using the midpoint method, you know that the demand for bubble gum is..
Find Sharon’s maximum first period utility. Consider only period 1 for now. Find Sharon’s optimal consumption and leisure as a function of w. Consider only period 2 for now. Now let us consider how w=2S links the 2 periods. Explain why Sharon would n..
Economists have estimated that cigarette smoking declines by 4 percent for every 10 percent increase in cigarette price. Several states have increased taxes by 100 percent on cigarettes to pay for improvements in education. Does this policy make sens..
Suppose demand is still described by P=5.10-0.80Q and supply is described by P=1.90+0.20Q. If there are no price controls, what would be the equilibrium price, quantity and consumer surplus?
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