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Why is it that the price elasticity of demand in the short run is <1 while in the short run it i is >1 ? Explain why the income elasticity of demand for dental care is >1 while the income elasticity of demand for flour is <1 ?
Assuming potatoes and beans are substitutes, an increase in the cost of production for potatoes.
At times, the Federal Reserve tries to change inflationary expectations. Why would the Fed want to raise inflationary expectations? How would this strategy of raising inflationary expectations affect consumption and investment? Be sure to tie your an..
______The term standardization means
One way to understand how the economy works is the circular flow model. This model demonstrates the flow of resources, goods, services, and income between households and business through the resource market and the market for goods and services. Iden..
The firm output sells competitively explain how many tons of output will be produced.
Essential Problems in bold: Demand with a quasi-linear utility function. Consider a consumer with the following utility function u(x1, x2) = √x1 + x2. This is an example of a Quasi-Linear utility function. Calculate the MRS for this consumer for gene..
How do the GDP per capita change after accounting for price indices. Why is it important to use price index adjustments.
Consider the Solow Growth Model with no techonological change or population growth. The savings rate is 10% and the depriciation of capital rate is 5%. The production function is F= K1/3L2/3. Find the steady-state captial-per-capita stock, and consum..
Comment on the following statement: “The free market allows hospitals to enter markets too easily; and regulators can potentially improve social well-being by restricting entry.”
Suppose that the labor market is competitive and there are a total of 1,000 black workers and 1,000 white workers (who each supply their labor in elastically). Both black and white workers are equally productive, having constant individual dollar pro..
Solve for the amount imported, consumer surplus, and producer surplus. Suppose a per unit tariff of $64 is imposed by the government. Solve for the consumer surplus, producer surplus, government revenue and total surplus with the tariff.
Based on some economists' definition of the relevant market, the two firms proposing to merge enjoyed a combined market share of about two-thirds, while another firm essentially controlled the remaining share of the market.
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