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Suppose an economic boom causes incomes to increase and at the same time drives up wages for the sales reps who work for the cell phone companies. Explain what will happen to the demand for and supply of phones and predict the direction of the change in the equalibrium price and quantity.
Tom was a tall man who operated a successful restaurant that he owned. He believed that tall people commanded more respect in a restaurant. Accordingly, he never hired a waiter or waitress who was less than six feet tall. After a few inquiries, she l..
Kermit is considering purchasing a new computer system. The purchase price is $123560. Kermit will borrow one-fourth of the purchase price from a bank at 10 percent per year compounded annually. The loan is to be repaid using equal annual payments ov..
Cooke Collectibles produces fine porcelain miniatures representing famous people and historical events. To avoid production and scheduling problems, Cooke's policy is to make all copies of a figure in one production run.
suppose demand and supply are given by qd 60 - p and qs 1.0p - 20.a. what are the equilibrium quantity and price in
Suppose the current equilibrium price of a quarter-pound hamburger is $5 and 10 million quarter-pound hamburgers are sold per month. After the federal government imposes a tax of $.50 per hamburger, the equilibrium price of hamburgers rises to $5.20 ..
Find an article (newspaper, magazine, or online) that discusses monetary policy. Use the article to answer the following questions. 1. The article indicates what monetary instrument(s) is/are being used by the central monetary authority? 2. Which ins..
If Social Security were considered part of the general budget then,
Society is changing constantly and families has different point of view of how to live their life or raise their kids. I think what we know so far as a family will change in the near future. There is gab between our life values, action and behavior a..
Suppose a country has net exports of 40, transfer payments of 20, net investment income of -15, and a balance of payments surplus of 10. Find the country's current account balance and capital account balance.
Why is the concept of elasticity important? What does it tell economists? Tell whether you would classify automobile production as either elastic or inelastic in the short run and long run. (Keep in mind that we are talking here about supply elastici..
Namely, the husband is unhappiest when he is at the opera by himself, he is a little happier when he is with his wife at the opera, he is happier still when he is at the football game by himself, and he is the happiest if they are both at the footbal..
The Fed buys? $100 million of bonds from the public and also lowers the reserve requirement r. What will happen to the money ?supply?
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