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Cross elasticity of demand In recent years the price of natural gas in the United States has fallen to a record low relative to the prices of fossil fuels, including coal. Over the same period the share of US electricity output generated by gas has increased and output generated by coal has fallen. What do these facts suggest to you about the cross elasticity of demand between coal and gas? Illustrate your answer with a pair of diagrams showing the market for coal and that for natural gas. Which supply curves would have needed to shift to produce results consistent with the reported facts? Which demand curves? Why?
Syncretism is defined in the textbook as a combination of normally differing beliefs. This can mean the combination of religious beliefs or the combination of religious and cultural beliefs. Give two examples of religions, denominations, or sects tha..
The residents of the town Ectenia all love economics, and the mayor proposes building an economics museum. The museum has a fixed cost of $2,400,000 and no variable costs. There are 100,000 town residents, and each has the same demand for museum visi..
Crowding out results in a decrease in. A house is 100,000 dollars, a computer is 2,000 dollars, a car is 20,000 dollars. In this context money is pricipally functioning as a
Two clinics want to merge. The price elasticity of demand is -0.20, and each clinic has fixed costs of $60,000. One clinic has a volume of 7,200, marginal costs of $60, and a market share of 2 percent. What are the total costs, revenues, and profits ..
What is the "current macroeconomic situation" in the U.S. (e.g. is the U.S. economy currently concerned about unemployment, inflation, recession, etc.)? What fiscal policies and monetary policies would be appropriate at this time?
Given what you know about adverse selection and risk, what, in your opinion, is the best way to provide insurance coverage to the poor and uninsured? Should the government provide financial incentives for private carriers to insure the poor and unins..
Industry structure is often measured by computing the Four-Firm Concentration Ratio. Suppose you have an industry with 20 firms and the CR is 30. Explain how would you describe this industry.
government official proposed which gasoline price controls be imposed to protect the poor from rising gasoline prices.
For the closed-economy, one-period model, suppose that U(C,I) = In C + βl, and F(K,N)= ZK^(a)N^(1-a), where β>0 and 0
How much do you have to deposit today in order to allow 5 annual withdrawals, beginning at the end of year 8, with the first withdrawal of $1000 with subsequent withdrawals decrease at the rate of 5% over previous year’s withdrawal? The interest rate..
A. Describe the economic meaning and statistical significance of each individual independent variable included in the San Francisco demand equation
Presently, AFC has on its medical staff 10 doctors and 10 nurses. The daily wage of a doctor is $600, whereas a nurse is paid only $200 a day. Is the mix of doctors and nurses the clinic is presently using optimal? Explain.
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