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Suppose the own-price elasticity of demand for good x is -0.25, and that the quantity of good x increases by 5%. what would you expect to happen to the total expenditures on good x?
a. increase
b. decrease
c. unchanged
d. neither increase, decrease nor emain unchaged.
Consider fines for speeding. Assume that speeders can drive at either 75 mph or 90 mph (the speed limit is 65 mph), and that the probability of being caught at either speed is .01. Also, assume that the maximum possible fine is $10,000, which is set ..
Stackelberg (1934) proposed a dynamic model of Duopoly in which a dominant (or leader) firm moves first and a subordinate (or follower) firm moves second. Consider a model in which firms choose quantities sequentially and then compete according to th..
After September 11, 2001, there was much talk that the United States was going to go into a depression. There was, in fact, a downturn in the economy that was considered by many to be a recession. A depression did not occur. Why is another depression..
If the government were to increase taxes on gasoline, what will happen to the total government revenue? Why? What are you assuming about the elasticity of the demand curve of gasoline? What is the formula for elasticity? Would the government make mor..
QUESTION 1: According to the quantity theory of money, the quantity of money determines the
Explain and illustrate graphically the effect of the following on the monetary base and the level of reserves. Central bank purchases $30 million of government securities for Chase Bank. The Fed purchases from the public $3 million of government bond..
Compare and contrast the impact of a faster population growth on the standard of living (measured as output per worker) in the models of Solow, Malthus, and Kremer.
Assuming that your interest rate, i, is equal to 14% annually, what would be your maximum offer (purchase price) on this machine?
q1. if the price elasticity of demand for razors is 0.32 the demand for razors is what?q2. analyze how the different
Suppose that a certain manufacturer has a monopoly on the sorority and fraternity ring business (a constant-cost industry) because it has persuaded the “Greeks” to give it exclusive rights to their insignia. Using demand and cost curves, draw a diagr..
Consider a market where supply and demand are given by QXS = -10 + PX and QXd = 71 - 2PX. Suppose the government imposes a price floor of $33, and agrees to purchase any and all units consumers do not buy at the floor price of $33 per unit. Determine..
The various estates in land described by the author of your text in Chapter 3 arose mostly out of the struggle between the English Crown’s need for revenue and the efforts of the holders of the land to avoid taxes. Are these estates useful in this da..
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