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Elasticity is assessed.
An ice cream store read in the local paper that the elasticity of market demand for ice cream is -.38. He concluded that if he raised the price of ice cream, his total revenue would increase. So, he increased his prices by 18%, yet revenues fell substantially. Why did this outcome occur?
Suppose that you believe that the average rate of inflation over the next 20 years will be 3.5 percent. Would you by the nominal or the inflation-indexed bond?
The table below is a production possibility table for the fictional country of Myopia. Use it to construct the corresponding production possibility curve.
Problem based on Utility Function - Problem, Answer and explain the following using a diagram which is completely labeled.
US cigarette makers face enormous punitive damage penalties after losing a series of class action lawsuits-What action do you suppose the cigarette companies took to avoid bankruptcy?
Suppose that natural real GDP is constant. For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent.
What is the marginal opportunity cost of services in each country? Who has the comparative advantage in factory-stuff?
In a few weeks Professor Smith will be taking his daughter Attilla to the State Fair. Calculate the Marginal Rate of Substitution (MRS).
What should be the role of the tax of accountant in the organization decision making process.
All economics textbooks give examples that show diminishing marginal utility as consumption rises-However, it could be argued that a rational buyer should never experience negative marginal utility. Why?
Assume that there are two power generating plants that emit SO 2 (sulphur dioxide). In the absence of regulation they each emit 10 tons of pollution per month.
Assume an airline flying on the Charlotile - Chicago route has estimated the demand curves for three different types of customers: business
Describe what effect a contractionary fiscal policy would've on the price level and real GDP starting from full employment equilibrium.
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