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Although water is essential to life no matter where one lives, the demand for water differs across regions. In one study it was found that the price elasticity of demand for water in all regions of the United States ranged from 0.39 to 0.69. a. Why is the demand for water price-inelastic? b. In those regions where outdoor use of water makes up a relatively large portion of total use, the price elasticity is high. Why? c. The demand for water in the summer months is greater that the winter months, Explain why.
Annual Work Hours = ? + ?*(Average Hourly Wage) + ? You gather data on US workers aged 22 to 55 from the Current Population Survey. You define the Average Hourly Wage as self-reported total annual labor income divided by self-reported total annual wo..
When you look at monetary or fiscal policy, it’s important to consider the Phillips curve. Explain what the short-run Phillips curve is and why it is important in thinking about economic policy. Explain what stagflation is and why stagflation is inco..
A local ice cream shop in a beautiful Miami beach realizes that its ice cream sales go up along with the number of shark attacks. Assume you are the owner of the shop and you realize that shark attack can be an excellent predictor of ice cream sales ..
A 15 year bond having a face value of $5000 and a coupon rate of 6 percent per 6 months payable semiannually was purchased for $7000 8 years ago, and the 16th interest payment was just made. What can it be sold for now if a buyer's desired return..
the bursting of the housing bubble and the panic of 2008 caused both businesses and households to cut back on their
Find the present-value equivalent to the following geometrically increasing series of payments.
Why is this cartoon an appeal to fear? Who is the person in the tent? What is the fear that the cartoon plays upon? Are there other fallacies that we've studied that you think might be at work in this cartoon? "If cartoons can contain fallacies, then..
For the total variable cost (TVC), draw a positive total fixed cost (TFC) and total cost (TC) curves. Then derive the associated marginal cost (MC), average total cost (ATC), average variable (AVC) and average fixed cost (AFC) curves. Be sure to capt..
A new production technology for making vitamins is invented by a college professor who decides not to patent it. Thus, it is available for anybody to copy and put into use. The TC per bottle for production up to 100,000 bottles per day is given in th..
Explain why only two of the three objectives can be achieved at any point in time also they want to fix the nominal exchange rate, in order to stabilize the price level.
At what price and quantity would Gringle maximize revenue? What is its maximum revenue? At what price and quantity would elasticity of demand equal -2.4. What is the P/MR at this point? Assume Gringle wants to mark up its product by 40% above margina..
When the marginal cost of producing one output is reduced when the output of another product is increased this is called:
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