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Suppose that the long-run world demand and supply elasticities of crude oil are -0.906 and 0.515, respectively. The current long-run equilibrium price is $30 per barrel and the equilibrium quantity is 16.88 billion barrels per year.
a. Derive the linear long-run demand and supply equations.
b. Would you expect the short-run demand and supply elasticities to differ from the long-run elasticities? Explain.
Create a proposal for the Final Research Paper which is due in Week Six. This proposal will help you develop a comprehensive guideline for your Research Paper. An annotated bibliography for at least 10 scholarly or professional journal articles. A su..
A firm has the production function y = x1^1/2 * x2. In the short run it must use exactly 15 units of factor 2. The price of factor 1 is $75 per unit and the price of factor 2 is $2 per unit. Derive the firm’s short-run marginal cost function.
The economy is at full-employment and spending increases, which spurs inflation - Which of these groups would be helped by inflation
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The manager of a meat-packing plant can use either butchers (labor) or meat saws (capital) to prepare packages of sirloin steak. Based on estimates provided by an efficiency expert, the firm's production function for sirloin steak is given by Q=K+L. ..
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Trace out exactly where this 100 increase in income goes in the second round and compare to our simpler treatment with a closed economy and lump sum taxes.
Describe what a manufacturer of each product might do in the short run to increase production.
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