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Suppose the price of the good is initially $100. What is the price elasticity of demand at this point? (Hint: What happens to the quantity demanded when the price drops by 10%?)
The short run supply curve for an orange producer in Florida is P=.001Q, where Q is bushels of oranges produced in a year. The market value of a bushel of oranges is $20 a bushel.
Assess President Obama and the Congressional Majority Democrats' stimulus, budgetary, and health care initiatives in the context of promoting Economic Growth and Development.
As everyone knows, eBay knows, eBay allows buyers and sellers from around the world to meet in an electronic market place and make trades Search engines, ratings of trading histories, and various other eBay details make trading very inexpensive.
Suppose you are a manager of a monopolistically competitive company, and your demand and cost functions are given by Q=20-2P and C(Q) = 104 - 14Q + Q^2
The macroeconomic environment discussing the effectiveness of the monetary stragies in the US.
An increase in TFP leads to an outwards shift in labor demand (recall this from our firm analysis unit), which, as long as the upward-sloping labor supply function does not shift, leads to an increase in the real wage.
Suppose that the repeated application of a pesticide used on orange trees causes harmful contamination of groundwater. The pesticide is applied annually in almost all of the orange groves throughout the world.
Sometimes market activities (production, buying, and selling) have unintended positive or negative effects outside the market's scope. These are called externalities. As a policy maker concerned with correcting the effects of gases and particulate..
Describe how the indicator was created and its current value. What does this key indicator say about the current economic condition.
A firm that has total fixed costs of $40,000 sells its output for $250 per unit and has an average variable cost of $150. If the firm's cost and revenue curves are linear, explain how much output must the firm produce to break even?
Do you think business cycles would exist, or be as severe, if these economic statistics were not reported on a regular basis or at all? Why or why not?
Illustrate what is the effect on the supply and demand of skateboards. Every events described below will have some impact on the demand for skateboards.
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