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1. Why is a more narrowly defined good (pizza) likely to have a greater elasticity of demand than a more broadly defined good (food)?
2. If the elasticity of demand for hamburgers equals _1.5 and the quantity demanded equals 40,000, predict what will happen to the quantity demanded of hamburgers when the price increases by 10 percent. If the price falls by 5 percent, what will happen?
3..Evaluate the following statement: Along a downward-sloping linear demand curve, the slope and therefore the elasticity of demand are both
where LS is the quantity of low-skilled labor (in millions of persons employed each year), and w is the wage rate (in dollars per hour). The demand for labor is given by
Government regulation is, at times, a result of market failure. The marketplace can often create efficiencies naturally through supply and demand. Unfortunately gaps of inefficiencies result in market dislocations. Thus governments believe they can r..
At what level of L does the average product reach its maximum and does the total product curve have a region of increasing marginal returns?
The following represents the potential outcomes of your first salary negotiation after graduation:Assuming this is a sequential move game with the employer moving first, indicate most likely outcome. Does the ability to move first give the employe..
When the two countries did not specialize, the total production of corn was 36 million bushels per month, and the total production of jeans was 104 million pairs per month
Over the business cycle, real GDP tends to increase during the expansion and decrease during the contraction. Can you name some other macro variables that fluctuate over the business cycle like GDP does?
The workers on the first floor neither smoke nor drink and they used whiskey and cigars to re-gift to their friends and family. Since they don%u2019t consume neither of the gifts themselves, they consider cigars and whiskey to be perfect substitut..
In the Middle Ages, goldsmiths took in customers' deposits (gold coins) and issued receipts that functioned much like checks do today. People used the receipts as a medium of exchange. Goldsmiths also issued loans by writing additional receipts ag..
What information did you have or obtain that helped make your decision a well-informed one.there something you didn't know beforehand.
In the market in which David and Ellen have rent-controlled apartments, Ellen gets an apartment and Charlie does not. In the market with no price controls, the situation is reversed. Charlie gets an apartment and Ellen does not.
You would like to determine if the average golf scores for women are different from the average golf scores for men. A random sample of female students scored an average of 115 with 95% confidence interval (112, 118). A random sample of male stu..
Assume that a monopolist sells a product with a total cost function TC=1200 + 0.5Q2 and a corresponding marginal cost function MC = Q. The market demand curve is given by the equation P = 300-Q. a. Find the profit- maximizing output and price for thi..
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