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Suppose the own price elasticity of market demand for retail gasoline is -0.8, the Rothschild index is 0.5, and a typical gasoline retailer enjoys sales of $1,500,000 annually. What is the price elasticity of demand for a representative gasoline retailer’s product?
Management and a labor union are bargaining over how much of a $50 surplus to give to the union. The $50 is divisible up to one cent. The players have one-shot to reach an agreement.
All workers face tradeoffs. Self-selection allows workers to exploit these tradeoffs when choosing jobs, thus maximizing utility. One trade off is between pay and safety. Some workers are willing to take a hazardous job if it is accompanied by higher..
Suppose that after the wage goes up in the Northern state, workers lose their jobs in the North and decide to move to the Southern state. This increases the population there. Adjust the graph to show what happens to employment and the wage in this So..
Apply the aggregate demand/aggregate supply framework to predict how the chained CPI could potentially impact the economy in the short-run. Evaluate the long-run impacts of the change.
Calculate the average cycle stock for this item using the order quantity in part a.Assuming there are 12 periods per year, calculate total cost per year.
Holding everything else constant, if interest rates increase:
Define the correlation between two random variables X and Y. What does the correlation coefficient measure?
q1. you have the following information for your productbull the price elasticity of demand is -0.9.bull the income
Describe economics and Describe the economic perspective, including definitions of scarcity, opportunity cost, purposeful behavior.
Illustrate what way might society gain if Fed implements policy you have proposed instead of simply permitting long-run adjustments to take place.
Compare an owner's personal liability for debts of a business organized as a sole proprietorship, general partnership, limited partnership, LLP, LLC, and S corporation.
Illustrate what must the saving rate be to achieve the Golden Rule level of capital.
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