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1. When the price of wheat rises from $2.34 to $2.46, some farmers switch crops, and the amount of barley offered on the market falls from 101 million bushels to 99 million. What is the cross elasticity of supply?
2. When the wage rate rose from $6.25 per hour to $6.75 per hour, employment in Fastfood, Inc. fell from 5,100 to 4,900. What is the price elasticity of demand for labor?
3. Explain why, when the price of good changes, the price elasticity of demand is likely to be higher or lower as a longer period of time elapses. Consider as an example the OPEC oil price increases in the 1970s.
Purchasing credit life or disability insurance protection is usually 1) required in order to make the loan 2) non-negotiable 3)at the lenders option 4)very costly 5)a good idea for the borrower
the top ten percentile cutoff was 95 points. a. What is the standard deviation for the class? b. What percentile did you score in?
Government A decides it wants to eliminate poverty and unemployment by immediately issuing 50,000 dollars/yr to all unemployed citizens. All said citizens receiving the 50,000 per year under this government are thereby not considered unemployed. Expl..
You’ve just won the state lottery and will receive 20 annual payments of $70,000, with the first payment arriving 1 year from today. It is easy for you to borrow or lend on the capital market at an interest rate of 8% per year. If someone offered to ..
Illustrate the marginal revenue curve that corresponds to positive marginal revenue. Line segments will automatically connect the points.
Your firm is considering a potential investment project, and your finance group has prepared the following estimates: and NPV of $10 million if the economy is strong (30% probablility), and NPV of $4 million if the economy is normal (50% probablility..
Suppose that you were an industry analyst trying to determine if the leading firms in the automobile manufacturing industry are playing a tit-for-tat pricing game. What real world data would you want to examine? What would you consider to be evidence..
Draw the firm's MC, AVC, and AC curves. Add a downward sloping demand curve, and show the profit maximizing quantity and price. Indiate the profit as an area on your diagram. Show the deadweight loss.
Explicate how these projected deficits will affect the US Stock and bonds. Could you explicate briefly this question thank you.
Illustrate what are the pros and cons of using expansionary and contractionary fiscal policy tools under the following scenarios: depression, recession, and robust economic growth.
What is smallest integer price that would make a firm willing to produce a positive amount. Suppose that Dent Carr's long-run total cost of repairing s cars per week.
Manager of EPS find outs two output levels that appear to be optimal. Illustrate what are these levels of output and which one is actually optimal.
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